Bitcoin has been slowly recovering from its recent drops, reaching a notable $89,000 for the first time since the significant drop last week. While Bitcoin is showing some resilience, several altcoins have surged remarkably, with notable performances from ENA, HYPE, and XRP.

BTC Approaches $90K?

Looking back at the previous week, Bitcoin experienced a severe drop as it lost its position below $100,000—a decline prompted by heavy selling pressure. Starting from over $96,000, Bitcoin plummeted to just under $90,000, where it managed to regain some stability. After a short-lived rally, it quickly fell again, losing over $13,000 to drop beneath $81,000.

Despite falling to a seven-month low, Bitcoin has shown signs of recovery, closing the weekend around $84,000, eventually spiking to $89,000 earlier today before settling around $87,000. This positions its market cap at approximately $1.740 trillion, while its dominance over the altcoin market has decreased to 56.5%.

Altcoins on the Rise

Ethereum managed to climb above $2,900 but has since retreated slightly, although it recorded a daily increase of 3%. Among those doing especially well are XRP, which rose by 7% to $2.20, and SOL, which gained over 5% to reach above $135. Other strong performers include KAS (22%), SUI (11%), ENA (10%), and CC (9%). In contrast, ZEC and BCH faced declines of 6.3% and 4.5%, respectively.

The overall cryptocurrency market cap swelled by more than $60 billion within a single day, reaching a total of $3.075 trillion.