Bitcoin dropped sharply from $82,000 to under $79,000 following a stronger-than-expected U.S. jobs report on Friday, though it rebounded to $79,600. The broader altcoin market saw mixed results, with PONS surging 30% to a new all-time high near $0.90 and DASH jumping 25% to over $65. Binance Coin rose 4.5% to $750, while Ethereum fell 2.5% to $2,450, XRP declined 3% to $1.40, and Monero dropped 5% to $525. Bitcoin’s market cap stood near $1.6 trillion, with its dominance slightly retreating to 59.45%.
Bitcoin’s price reacted immediately to the stronger-than-expected U.S. jobs report on Friday, plunging from a multi-month high of over $82,000 to under $79,000 before it found some support. Red dominates the larger-cap altcoins’ charts, with XRP dropping back to $1.40, ETH losing the $2,500 level, and XMR plunging by over 5%. BNB stands in the opposite corner with a 4.5% surge.
The primary cryptocurrency faced a similar fate last Friday when it jumped to $81,500 only to be rejected and driven south to under $77,000 after the hawkish speech by Fed Chair Kevin Warsh at Jackson Hole. It rebounded during the weekend and even tapped $79,000 on Sunday. The resumed military actions in the Middle East brought another leg down on Monday morning, with BTC slipping to $77,000 again. The bulls managed to defend that level, and the cryptocurrency remained stuck between that lower boundary and the upper one at $79,000 for a few days. The breakout began on Thursday when the asset surged past the latter level and kept climbing on Friday morning. The peak came at $82,400, which became BTC’s highest price tag in three and a half months. Although it was stopped there, it remained above $81,000 before the jobs report went live and plunged immediately after to just under $79,000. It has rebounded to $79,600 since then, with its market cap standing close to $1.6 trillion. Its dominance over the alts has retreated slightly to 59.45%.
The new rockstar of the altcoin space, PONS, is once again the top performer, surging by 30% in the past 24 hours to a new all-time high of almost $0.90. DASH follows suit, skyrocketing by 25% to over $65. Binance Coin is up by 4.5%, being the biggest gainer among the larger caps, and now sits at $750. NEAR has gained 11% and is above $2.25. DOT, TAO, and LTC are also well in the green. In contrast, ETH is down by 2.5% to $2,450, XRP has slipped by almost 3% to $1.40, and XMR is down by 5% to $525. RAIN, HYPE, and ADA are also in the red.
