Hyperliquid (HYPE) Hits New All-Time High, Bitcoin (BTC) Cools Off: Weekend Watch
After gaining $15,000 in a few days, bitcoin was primed for a correction, and the asset has cooled off with a dip to $75,500, where it found some support.
Most altcoins are also slightly in the red on a daily scale. HYPE, though, continues to defy the odds and has charted a fresh all-time high of over $82.
BTC Slides
Bitcoin struggled below $65,000 for weeks until Wednesday afternoon. Then, one US Treasury Department announcement sent shockwaves throughout the market, and BTC led the charge. The asset exploded to $70,000 within a few hours before the bulls took complete control of the market and initiated a few more legs up.
The culmination took place on Friday when the largest cryptocurrency spiked to almost $80,000 for the first time in over three months. However, after skyrocketing by 25% in less than 48 hours, BTC was due for a pullback.
At first, the bears pushed it south to $76,200, but bitcoin bounced off and tapped $79,000 once again on Saturday morning. It couldn’t keep climbing, though; it slipped to $77,000 later that day and dipped to $75,500 on Sunday morning amid reports that Wintermute has gone heavily on the short side.
Bitcoin has recovered around a grand since that local low and sits at around $76,500. Its market cap is close to $1.540 trillion on CG, while its dominance over the als has soared to just over 58%.
BTCUSD August 23. Source: TradingView
HYPE Sees New Peak
Ethereum dipped below $2,400 earlier today but has reclaimed that level as of now. XRP was rejected at $1.70 after a massive run, and now sits below $1.50. BNB is below $690 again, while CC has plummeted by over 5% daily, similar to XLM and SUI. BCH and ADA are down by nearly 3%.
HYPE managed to do something unthinkable for most other crypto assets, surging past $82 yesterday to hit a new all-time high. PUMP has rocketed by over 17% in the past 24 hours, followed by an 8% surge from ENA.
In contrast, TRUMP plunged by 33% from top to bottom as the team behind the token sent more coins to exchanges. CRO and WLD are down by over 7% each.
The cumulative market cap of all crypto assets has declined by approximately $100 billion from the local peak and is down to $2.650 trillion now. Nevertheless, the metric is up by $400 billion since Wednesday.
Cryptocurrency Market Overview August 23. Source: QuantifyCrypto
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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