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ZEC Bitcoin consolidates around US$80,000, and altcoin market activity accelerates
Zcash (ZEC) has risen 17% in the past 24 hours to approach US$1,200;Arbitrum (ARB) has soared 45%, becoming the most watched altcoin of the day.
Can Bitcoin exceed US$80,000?
Bitcoin entered the US$80,000 range this weekend, but failed to create sustained upward momentum above this position. Despite the volatility experienced at the beginning of the month, BTC still completed its August market with a gain of more than 25%, showing a strong rebound momentum.
On Monday, Bitcoin fell back from US$79,000 to US$77,000 due to escalating tensions between the United States and Iran. Although it once returned to US$79,000, it fell below US$76,500 on Wednesday under selling pressure on Tuesday. Since then, buyer power stepped in, pushing Bitcoin to rebound rapidly, reaching a high of $82,400, setting a new high since mid-May.
However, Friday's strong U.S. jobs data once again changed the market landscape. As expectations of the Federal Reserve's interest rate rise, Bitcoin has shrunk sharply by about $3,000 to around $78,600. Prices then stabilized again, staying around $80,000 for most of the weekend.
According to CoinMarketCap data, Bitcoin's market value has rebounded to US$1.6 trillion, while its dominant market share has dropped slightly to 59.1%.
Which altcoins outperform Bitcoin?
When bitcoin is sorted sideways, the altcoin market performs very differently. Ethereum rose 1.75% daily, again approaching US$2,500;BNB traded below US$760 today after hitting US$770 yesterday;XRP held on to support at US$1.40.
Solana continued to stand above US$100, and most altcoins such as HYPE, DOGE, RAIN, XMR, LINK and ADA also posted gains. But the most eye-catching momentum appears on two tokens:
- Zcash (ZEC): Up about 17%, approaching the US$1,200 mark. This price level is an important psychological resistance level for ZEC that has been re-touched for the first time in nearly ten years.
- Arbitrum (ARB): The performance was even stronger, surging 45% in a single day, breaking through the US$0.19 mark, becoming one of the strongest performing mainstream altcoins that day.
How long can the altcoin market last?
Bitcoin's direction choice around US$80,000 has prompted some funds to flow to specific altcoins, but changes in the overall market value are still relatively limited. According to CoinMarketCap, the total market value of cryptocurrencies is approximately US$2.7 trillion, with only a slight increase of 0.8% in the past 24 hours.
This detail is crucial: the sharp rise in tokens such as ARB and ZEC does not mean that the entire market is strengthening simultaneously. While Bitcoin maintained a shock of US$80,000, the altcoin sector showed structural divisions. The current weekend winners are ZEC, especially ARB. Whether these gains can continue early next week will depend on whether Bitcoin can effectively stabilize or break through the key US$80,000 area.
The content of this article is based on public market data and does not constitute any investment advice. Readers are reminded to conduct independent research and make their own decisions about risks.
