After reaching a nine-month low below $75,000, Bitcoin’s price staged a recovery in the last day but encountered resistance at $79,000, now lingering just beneath that threshold.

In contrast, the asset Hyperliquid (HYPE) has seen exceptional performance, posting a rise of 19% to $37, despite broader market trends being significantly down. Meanwhile, the majority of larger market-cap alternatives are experiencing sluggishness.

Bitcoin Struggles at $79K

This past week has been arduous for Bitcoin. Just last Wednesday, there were scant indicators of the downturn to come as the cryptocurrency approached $90,000 but subsequently began to decline following the US Federal Reserve’s decision to halt interest rate reductions.

The market turbulence was exacerbated by rising tensions in the Middle East, leading to a drop that saw Bitcoin plummet to a multi-month low of $81,000 on Thursday. It briefly recovered to $84,000 before falling again over the weekend, reaching lows not seen since last April.

Bitcoin has faced several challenges, unable to breach the $79,000 mark, resulting in a market cap reduction to $1.56 trillion, though its market dominance remains at 57.7%.

BTCUSD Feb 3. Source: TradingView

HYPE’s Remarkable Surge

Most of the larger capitalized cryptocurrencies followed in Bitcoin’s downward trend, particularly Ethereum which fell steeply from over $3,000 to around $2,100. Despite some recovery, it continues to face difficulty maintaining levels above $2,300.

Conversely, HYPE is gaining prominence with its significant price increase, showcasing remarkable resilience within a troubled market landscape. The total capitalization of the cryptocurrency market has rebounded by $70 billion following a downturn that had brought it close to perilous lows.