Bitcoin’s surge to $78,000 yesterday came to an abrupt halt after the asset faced a sharp rejection, sliding roughly $3,000 lower.
Most large-cap altcoins are muted today, but RAIN stands out—its market cap climbed significantly after a surge exceeding 40%.
BTC Stalls at $78K
Following a peak above $82,000 a few weeks ago, Bitcoin entered a sustained downtrend that pushed prices notably lower. The asset first fell below $80,000 on May 16 and then experienced further downward moves that drove it beneath $74,500 on May 23, marking its lowest level in just over a month.
Bitcoin bounced back after comments from former President Trump suggesting the US and Iran were approaching a lasting peace agreement. That news lifted BTC to about $77,500, and after a brief pullback it climbed to $78,000 yesterday—the highest level in several days.
However, later reports indicated that strikes between the US and Iran had resumed rather than a peace deal taking hold, sending BTC down to roughly $76,000. The drop continued to about $75,200 earlier today amid analysis pointing to a notable sell-off involving BlackRock’s IBIT.
Since then, Bitcoin has recovered somewhat and is trading near $76,000 again. Its market capitalization has declined to approximately $1.520 trillion, while its dominance over altcoins sits around 58%.
RAIN Outperforms the Pack
RAIN is the standout performer among the top 100 altcoins today, surging more than 44% and reaching a new all-time high near $0.012. Other notable gainers include ICP and UB, which rose by around 15% and 10% respectively, though their moves are smaller in comparison.
On the downside, NEAR has dropped more than 8%, and ZEC has fallen about 6%. CC, ONDO, and WLFI are also trading lower on the day. Ethereum slipped below $2,100, and XRP is struggling under $1.35. HYPE is approaching its all-time high after a roughly 4% gain today.
Overall, the total cryptocurrency market capitalization has held above the $2.6 trillion level and currently sits about $20 billion higher.