XRP, PI and DOGE Tumble as BTC’s Rally Stopped at $70,000: Market Watch

Yesterday’s gains were quickly wiped out in the cryptocurrency markets, with some alts such as PI, DOGE and XRP marking big losses.

Most altcoins have also turned red, with ETH falling below $2,000 and XRP plummeting below $1.50. Dogecoin is among the worst performers over the past 24 hours.

BTC rally stopped above USD 70,000

The primary cryptocurrency experienced some increased volatility at the start of the current month, mainly to the downside. The high occurred on February 6, when the stock fell to a 15-month low of $60,000 after losing $30,000 in just under two weeks.

Then came the recovery as BTC shot up $12,000 to $72,000. There it was stopped and over the next few days it traded sideways between $72,000 and $68,000. The lower bound gave way mid-week and Bitcoin fell below $66,000.

After this point the bulls finally took action and helped prevent another leg-down. On the contrary, BTC started to gain strength at the end of the business week, jumping to over $69,000. On Saturday and Sunday the price continued to climb above $70,000 before stopping there and riding to $68,000 on Sunday evening.

It has since recovered some ground, but is still trading below $69,000 at the time of writing. The market cap has fallen to $1.375 trillion on CG, while dominance over alts still stands at 56.6%.

Alts towards the south

Ethereum was quickly rejected at $2,100 this weekend and is now struggling below the psychological $2,000 level. Ripple’s DOGE was the biggest gainer against the large caps yesterday, but is now down to $0.10 after a daily decline of 9%.

Other big losers over the past day include XMR, ZEC, WLFI and MNT. Pi Network’s native token has also suffered a violent rejection. It was stopped at over $0.20 yesterday and has now fallen to just over $0.17 on CoinGecko.

The total cryptocurrency market cap lost $70 billion in one day, falling to $2.425 trillion on CG.