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Bitcoin stalls just below $80,000 as altcoins pull back

Bitcoin was up 1.8% in 24 hours, while the total crypto market value slipped to $2.68 trillion, down 0.7% over the same period.

Reported · Written up by our desk · Market Structure

Bitcoin hovered about one cent below $80,000 on Monday before stalling, extending a four-session rally despite no new crypto-specific catalysts hitting the tape over the weekend, according to data cited by The Defiant.

The outlet said bitcoin last traded at $78,995, up 1.8% over 24 hours and 22.9% over seven days, after ranging between $76,718 and $79,955. Ether rose to $2,481, up 0.7% on the day and 29.8% for the week.

Altcoins that had led last week’s advance reversed some gains, with 80 of the 123 largest non-stablecoin tokens declining. XRP fell 2.4% to $1.48, while Solana rose 1.3% to $96.82 and BNB was flat at $704.

The broader market weakened even as bitcoin advanced, The Defiant reported. Total crypto market value fell 0.7% to $2.68 trillion, turnover dropped 19% to $128 billion, and bitcoin dominance was 59.1%. It also pointed to upcoming non-immediate items, including a Grayscale Zcash trust conversion to an NYSE Arca-listed ETF Tuesday and Federal Reserve Chair Kevin Warsh speaking at Jackson Hole later this week, as rates markets priced about a 30% chance of a September increase.

Latest closeBitcoin $84,236.73 ▼2.2%|Solana $114.95 ▼3.0%|XRP $1.494 ▼5.0%

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