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PUMP Bitcoin struggles around $77,000, Lisk surged 325% in a single day: Weekend Market Observation
Similar to previous weekends, Bitcoin has been quite weak this week, and its price has remained within a narrow range of $77,000 to $77,400. Most large-cap alternative cryptocurrencies (Altcoins) are in a similar situation, with only a slight decline compared to yesterday. CRO, PUMP and BTW recorded more significant gains, but one of the alternative cryptocurrencies performed well.
Bitcoin competes for the US$77,000 mark
The first week of September ended with sharp fluctuations. Previously, Bitcoin surged to $82,400 for the first time since mid-May, but was rejected and fell below $79,000 the Friday after the U.S. jobs report. The following week was relatively flat, with cryptocurrency prices fluctuating between $80,000 and $77,600.
The upper resistance level curbed its attempt to break through, while the support level successfully withstood short pressure. However, all this started to change on Thursday, especially Friday. At first, the downward trajectory fell and BTC slipped to US$77,000. Subsequently, the release of consumer price index (CPI) data in August caused a shock in the market.
The initial market reaction pushed BTC to $76,000, a multi-week low. However, the bulls made unexpected efforts and pushed the cryptocurrency to $79,800 in an hour. After encountering resistance again, BTC returned to its starting point of $77,000. Since then, it has been trading horizontally between $77,000 and $77,500, and is currently slightly higher than the former.
On CMC, its market value has fallen back below US$1.550 trillion, while its market dominance of alternative cryptocurrencies remains sluggish at 58.7%.
Above all currencies, only this is the only place to be
Ethereum was blocked after soaring to nearly $2,700 on Friday and is currently trying to stay above $2,500. BNB fell to US$722 on an intraday decline of 1.3%, while XRP remained well below the key US$1.40 level. SOL, TRX, DOGE, XMR and LINK also showed slight declines.
In comparison, RAIN rose more than 2%, CRO rose 3%, and PUMP soared (as it literally means) 6%. BTW stood out from the large-cap tokens and surged 11% to above $0.55.
However, the strongest performing alternative cryptocurrency is Lisk (LSK). The asset surged 325% to US$0.82 in a single day. Its weekly increase was even more alarming, achieving a surge of 800%.
The total market value of the crypto market remained basically at yesterday's level, at US$2.640 trillion on CMC.
