Bitcoin’s price saw a rapid surge before falling again as the cryptocurrency market faces a new wave of volatility. The price briefly touched $94,500 before quickly retreating to around $89,500.

Recent Trends in Bitcoin

Despite the US Federal Reserve cutting interest rates, Bitcoin’s performance remains sluggish. After aiming for stability at $90,000, Bitcoin dropped sharply to $85,500 on Monday, increasing the pressure on investors. Following another brief attempt to rise, Bitcoin met with resistance, falling back under $90,000 and currently sits at approximately $87,300.

Altcoin Market Update

In the backdrop of Bitcoin’s performance, altcoins have also suffered losses. Ethereum (ETH) has dropped to $2,850, and XRP is now below $1.90. The HYPE token faced a staggering decline, losing 10% in just 24 hours and over 40% in the past month, leading its value to plummet below $25. Meanwhile, LEO and PUMP have experienced significant losses, while NIGHT and CC saw minor daily gains. The overall crypto market cap remains resilient at about $3 trillion, despite some fluctuations.