ZEC and XMR Surge While Bitcoin Faces Challenges Below $102K

Bitcoin encountered a setback, unable to break through the $104K barrier for a second time this week, dropping more than two thousand dollars over the weekend.

Ethereum has also retreated, dipping beneath $3,400, and XRP has fallen below the $2.30 mark. Most larger-cap altcoins are trending downward.

Bitcoin Dips Below $102K

Bitcoin’s performance this week has been tumultuous, starting with a steep decline on Monday when it was rejected at $111,000, declining to around $104,000. Following a short-lived recovery, there was another drastic drop, leading BTC to fall below $100,000 for the first time since June.

Currently, Bitcoin is hovering just under $99,000, having attempted a recovery on Wednesday but failing to surpass the $104K hurdle again, leaving it below $102,000 with over an 8% drop for the week and a market cap of approximately $2.020 trillion.

Further, Bitcoin’s dominance over altcoins has shrunk to below 58% as of the latest update.

BTC Chart BTCUSD. Source: TradingView

XMR and ZEC Defy Market Trends

In contrast, the top privacy coins, ZEC and XMR, have noted impressive gains despite broader cryptocurrency declines. ZEC is up over 11% in daily trading, reaching nearly $600, while XMR has surged by 13%, hitting $420.

Recent high-flyer ICP, however, has seen a decline of more than 12% in the same timeframe, whereas TAO has dropped by 6%.

Overall, the total cryptocurrency market capitalization has diminished by nearly $40 billion in the last 24 hours, settling at approximately $3.510 trillion.

Crypto Market Overview Cryptocurrency Market Overview Daily. Source: QuantifyCrypto