As the cryptocurrency market looks for direction early in the week, Bitcoin remains stuck below the $88,000 mark. The largest cryptocurrency, lacking significant momentum in daily trading, reflects the cautious stance of investors. Simultaneously, selective movements in the altcoin sphere have emerged, with Hyperliquid’s mainnet asset, HYPE coin, gaining attention due to its sharp rise. The general outlook of the market is shaped by macro uncertainties and weak risk appetite.
Bitcoin Struggles with the $88,000 Threshold
The pressure on Bitcoin increased with the opening of Asian exchanges and futures markets last week. Threats of tariffs on the European Union by U.S. President Donald Trump disrupted global risk sentiment, triggering sharp sales in the crypto market. Within hours, Bitcoin lost over $3,000 in value, plummeting from $92,000 to $87,200.
A limited recovery mid-week created brief optimism on Friday, pushing the price above $91,000. However, the inability of buyers to maintain these levels hindered further growth. Bitcoin quickly fell back below $90,000, with the resistance level proving challenging to surpass in recent days.
A new wave of selling on Sunday evening pushed the price to a multi-week low of $86,000. Subsequent buying limited recovery to $89,000. Currently, Bitcoin is trading below $88,000. While its market capitalization receded to approximately $1.75 trillion, its dominance over altcoins remains stable at around 57.4%.
Selective Altcoin Rally with HYPE at the Forefront
Despite Bitcoin’s uncertain outlook, some large-scale altcoins have recorded limited gains over the past 24 hours. Ethereum tested the $2,900 level, while BNB managed to stay above $880. Meanwhile, XRP approached the $1.90 threshold, yet continued to linger beneath a robust resistance area.
More pronounced gains were observed with Solana, Bitcoin Cash, and Monero. Additionally, smaller-cap altcoins like RAIN and ZEC experienced more notable rises. This scenario indicates that investors are gravitating toward specific projects rather than engaging in broad rallies.
The standout asset of the day was Hyperliquid’s mainnet asset, HYPE. The coin soared by 25%, climbing over $27 and reaching a multi-week high. PUMP and HASH were among other rising tokens. Nonetheless, the total crypto market capitalization remained stagnant at approximately $3.05 trillion, lacking significant daily momentum.
