Bitcoin experienced a significant price drop, falling by over $8,000 from its peak in recent days. However, it has since recovered a portion of these losses and reached $110,000 earlier today.
Altcoin Market Dynamics
Binance Coin (BNB) has resumed its upward trend, with a 4% increase pushing its price beyond $1,100. While most other large-cap altcoins are showing sluggish performance, HYPE has demonstrated an impressive surge.
Bitcoin's Price Movement
The primary cryptocurrency concluded the previous business week with a further decline, dropping below $104,000. Nevertheless, buyers intervened promptly, preventing a potential fall below the $100,000 mark, and Bitcoin rebounded to $107,000 over the weekend.
The current business week commenced on a more positive note, with Bitcoin surging to $111,000 on Monday. Following a correction to below $108,000, the asset mounted a strong offensive on Tuesday, skyrocketing to $114,000 within a few hours.
This upward movement proved to be a false breakout, and Bitcoin immediately lost its momentum. Furthermore, it experienced a significant drop to $106,200 on Wednesday.
Bitcoin has since reacted positively to this correction and even touched $110,000 earlier today. Although it has not yet managed to reclaim this level, it is currently trading above $109,000. Its market capitalization remains stable at $2.180 trillion, with its dominance over altcoins exceeding 57.5% according to CoinGecko.
HYPE's Significant Gains
Most larger-cap cryptocurrencies are currently showing modest gains, up to 2%, including Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Stellar Lumens (XLM), and Bitcoin Cash (BCH). Binance Coin (BNB) has increased by nearly 4% and is trading above $1,100, while Monero (XMR) and Mantle (MNT) have each added 6% in value.
HYPE has been the standout performer, with a substantial 11% increase that has propelled it to a multi-day high of just over $39. This surge follows Hyperliquid Strategies filing an S-1 with the US SEC to raise up to $1 billion for the repurchase of its own token.
The total cryptocurrency market capitalization has increased by approximately $40 billion in the past day and is nearing $3.8 trillion according to CoinGecko.
