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Pi Network’s PI Leads the Altcoin Rally as BTC Eyes $65K: Market Watch

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Bitcoin’s slow and gradual price revival took it to $65,000 for the first time since Friday a few hours ago, but the asset still has yet to  overcome that level for good.

Most larger-cap alts have produced minor moves as well over the past 24 hours, with ETH climbing above $1,900, while XRP continues to underperform.

Bitcoin Price Eyes $65K

Bitcoin tried to take down the $65,000 mark on several occasions during the previous business week. Its strongest attempts were last Monday when it was halted at $65,600 twice. After a major slump, it went at it again on Friday, but this time it was stopped even earlier, at $65,400.

Another painful leg down followed, which drove it to $62,400 within the same day and down to a monthly low of $62,200 on Saturday. US President Trump’s announcement of canceled strikes against Iran on Sunday morning resulted in a rebound attempt that was stopped at $63,800 on Monday morning.

BTC fell quickly to the same $62,200 level before the bulls stepped up. They were more persistent this time and helped BTC climb above $63,000 and even $64,000 within a day or so. The cryptocurrency has been fighting for the latter for 24-36 hours, but it has seemingly reclaimed that level as of now. Moreover, it tapped $65,000 earlier this morning, but it was halted there and now sits inches below it.

Its market cap has touched $1.3 trillion, while its dominance over the alts remains inches below 57% on CG.

BTCUSD Aug 6. Source: TradingView
BTCUSD Aug 6. Source: TradingView

PI Steals the Alt Show

Ethereum has risen the most from the larger-cap alts, spiking above $1,900 after a 2.2% daily increase. In contrast, most others are in the red, including minor losses from BNB, XRP, SOL, TRX, and DOGE. Yesterday’s top performers, HYPE and ZEC, are down by over 2% daily. CC has plunged by more than 7%.

Meanwhile, Pi Network’s native token has emerged as today’s top gainer. It exploded by 15% at one point to a 3-week peak before it was stopped. Nevertheless, it still trades above $0.09. GT and BDX follow suit in terms of daily gains.

The total crypto market cap has increased by approximately $40 billion and now sits at $2.3 trillion on CG.

Cryptocurrency Market Overview August 6. Source: QuantifyCrypto
Cryptocurrency Market Overview August 6. Source: QuantifyCrypto

 

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