BTC Price Retests $70K as BNB Overtakes XRP: Weekend Watch

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BTC Price Retests $70K as BNB Overtakes XRP: Weekend Watch

19 seconds ago

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The battle for the fourth position in terms of market cap continues, but this time, BNB has come on top.

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The rather calm behavior during the weekend has worked in favor of bitcoin, at least for now, as the asset has steadily climbed above $70,000 after the rejection on Saturday morning.

Most larger-cap altcoins are also in the green, with ETH trading above $2,100 and SOL close to $90. HYPE is among the few alts deep in the red today.

BTC Taps $70K

The previous weekend brought unexpected volatility to the cryptocurrency markets. The largest of the bunch dumped from $84,000 to under $76,000 on Saturday night and tried to recover to $79,000 on Sunday. However, it was stopped there, and the bears resumed control during almost the entire business week.

After initiating several smaller and less painful leg downs, they stepped up on the gas pedal on Thursday, causing another market calamity. In in well over a year.

The cryptocurrency rebounded sharply after this massive decline, and bounced to $72,000 on Friday evening and Saturday morning. It couldnt proceed further and was pushed down to $68,000 yesterday. Now, though, it has jumped to just over $70,000 after a 2.3% daily increase.

Its market cap has reclaimed the $1.4 trillion mark, while its dominance over the alts is just shy of 57% on CG.

BTCUSD Feb 8. Source: TradingViewBNB Flips XRP (Again)

ETH was among the poorest performers during the crash, dumping from $2,400 to $1,730 in a few days. However, it has recovered almost $400 since then and now sits above $2,100. BNB and XRP continue to fight for the fourth spot in terms of market cap, but Binance Coin has emerged as the winner during the weekend.

Solanas SOL is up to almost $90, while LTC, LINK, ZEC, and XLM have posted gains of up to 4%. In contrast, HYPE has dropped by almost 5% to under $32.

The total crypto market cap has added another $80 billion since yesterday and is close to $2.5 billion on CG.