Crypto Market Cap Flirts With $3T Mark While Bitcoin Stopped at $88K: Market Watch

M is today’s biggest winner, while ZEC has lost some of its momentum.

Most larger cap alts have been quite sluggish on a daily basis, but ETH has remained above $2,800 and XRP has remained above $2.00.

BTC fails at $88K

The last business week started on a bad note and the mood continued for days. On Monday and Tuesday, BTC was violently rejected at $96,000 and pushed south below $90,000. Although the price rose almost immediately to $94,000, the bears quickly reversed and began even more painful leg-downs for the rest of the week.

After the decisive loss of the $90,000 support, Bitcoin continued to plummet, plunging below $81,000 on Friday. This meant the asset had lost $15,000 in less than a week, falling to its lowest level in seven months.

After this disaster, the cryptocurrency finally saw some relief following hopeful comments about an upcoming interest rate cut by the US Fed. The price rose to $84,000 over the weekend and continued to climb to $88,000 on Sunday afternoon and Monday morning.

However, that level was too high for the asset. It was rejected there and reduced to $86,000 at the time of writing. The market cap still stands at $1.715 trillion on CG, while the dominance on the alts is almost 57%.

M up, ZEC down

Most larger-cap alts have failed to make any significant price changes in the past 24 hours. ETH, SOL, ADA, BCH and LINK are slightly in the red, while XRP, BNB, TRX, DOGE and HYPE are posting insignificant gains.

More painful declines come from XMR and DOT, while ZEC is down 7% to below $540. In contrast, HBAR is up more than 5%, while CC is up 10%. MemeCore is the other notable winner, after rising 9% to over $1.90.

The total cryptocurrency market cap has lost about $30 billion in one day and is on the verge of falling below $3 trillion.