Bitcoin’s price rally that began after last week’s FOMC meeting propelled the asset to a multi-month high near $83,000 before it was capped and pulled back by a few thousand dollars.
Most large-cap altcoins have fallen up to 3-4% over the past 24 hours, with the exceptions of BNB, SOL, and ADA, which held firmer.
BTC Finds Support at $81K
As noted above, BTC slipped below $75,000 last Wednesday following the conclusion of the Federal Reserve’s third FOMC meeting of the year, during which interest rates were left unchanged. While that outcome was widely expected, it still produced short-term market volatility.
In the days that followed, bitcoin recovered strongly. The coin climbed to nearly $79,000 on Friday after the first peace proposal from Tehran to Washington was reported. Although that proposal was rejected, and a subsequent one on Sunday also failed to gain traction, BTC remained above $78,000.
On Monday morning, buyers pushed the market higher, lifting bitcoin to a three-month high just above $80,000. Initially resisted at that level, momentum continued into Tuesday and Wednesday, driving BTC to another local peak near $83,000.
After gaining about $8,000 over the week, bitcoin underwent a routine correction in the hours that followed, dipping to roughly $80,800 where it found support. It is currently trading above $81,500.
Bitcoin’s market capitalization has risen to around $1.635 trillion, and its dominance over altcoins remains above 58.5% on CoinGecko.
TON Keeps Rocking
While some interpreted Pavel Durov’s announcement as a move toward centralization, the market reaction was emphatically bullish: Toncoin surged after Telegram said it would replace the TON Foundation as the largest validator and lower fees by up to six times. TON rallied roughly 30% in the past 24 hours and has gained more than 120% on the week as of press time.
Other double-digit gainers over the last day included VIRTUAL, SIREN, VVV, NEAR, and ICP. Meanwhile, BNB, SOL, and ADA posted more modest gains, while ETH, XRP, DOGE, HYPE, BCH, and ZEC experienced declines.
The total crypto market capitalization remains just under $2.8 trillion on CoinGecko.