The weekend developments finally took a toll on BTC’s price as the asset was rejected at $85,000 and slipped by over two grand on Monday morning to well under $83,000. The altcoins have follo
The weekend developments finally took a toll on BTC’s price as the asset was rejected at $85,000 and slipped by over two grand on Monday morning to well under $83,000.
The altcoins have followed suit, at least most of them, with the total market cap losing over $70 billion in a day. QNT and HBAR are among the few exceptions.
The start of the previous business week was entirely different than today’s developments. At the time, BTC had defended the $80,000 support and exploded by over seven grand in a day to top $87,000 for the first time since late January. Although it was stopped there and dipped to $85,000, it returned to that level 36 hours later.
The following rejection, though, was a lot more painful. This time, bitcoin lost the $85,000 support and slumped to $83,000 a day later. It remained within a confined range between $83,000 and $85,000 in the following days and traded between the two. The weekend was calmer, as BTC remained at $84,000 on Saturday and even climbed to $85,000 on Sunday.
However, this was rather surprising given the latest developments in the Middle East war. US President Donald Trump officially rejected Iran’s peace proposal, which pushed oil prices higher – first it was the futures, then the spot levels on Monday. BTC felt those consequences on Monday morning as well, and the rejection at $85,000 drove it to $82,600 as of press time.
Its market capitalization has tanked to $1.65 trillion, while its dominance over the alts is down to 58.5% on CMC.
BTCUSD September 28. Source: TradingView
As reported yesterday, Quant’s QNT exploded by 75% within 24 hours and rocketed to $190 before it was stopped. However, the bulls returned after the brief pause, and the token is among the few with major gains today as well. QNT is up by over 20% and sits above $220. HBAR is the other major gainer, surging by 18% to $207. XDC has pumped by double digits as well, while BTW is up to $1.40 after a massive 26% surge.
In contrast, RAY, UNI, ARB, VVV, DASH, AERO, and BCH have plummeted by double digits. TAO, WLD, MORPHO, FIL, and STX are not far behind.
Meanwhile, ETH is below $2,650 again, BNB is down to $760, XRP has slipped beneath $1.50, while ZEC has dumped by more than 7% daily. The total crypto market cap has shed $70 billion in a day, and it’s down to $2.840 trillion on CMC.
Cryptocurrency Market Overview September 28. Source: QuantifyCrypto
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