The generally quiet weekend favored Bitcoin’s performance, allowing it to rise over the $70,000 mark after experiencing a setback on Saturday morning.

Most major altcoins are also trading positively, with Ethereum above $2,100 and Solana nearing $90. Conversely, the HYPE token is among the few that are significantly down.

Bitcoin Reaches $70K

The previous weekend saw unexpected volatility in the crypto market. Bitcoin plunged from $84,000 to below $76,000 on Saturday night, attempting a recovery to $79,000 by Sunday but failing, leading to continued bearish control throughout the week.

Following several small downward movements, market sellers intensified their efforts on Thursday, causing significant losses. In just over 24 hours, Bitcoin fell from $77,000 to $60,000, marking its lowest point in over a year.

The cryptocurrency made a strong recovery after this plunge, rebounding to $72,000 on Friday evening into Saturday morning. However, it faced resistance and dropped to $68,000 yesterday. Now, it has regained momentum, climbing to just above $70,000 following a 2.3% daily gain.

Its market capitalization has reclaimed the $1.4 trillion territory, with its dominance just shy of 57% among altcoins.

BTCUSD Feb 8. Source: TradingView

Binance Coin Surpasses XRP Again

Ethereum struggled the most during the crash, dropping from $2,400 to $1,730 but has since recovered nearly $400, stabilizing above $2,100. In the intense race for market cap, Binance Coin has overtaken XRP over the weekend.

Solana’s SOL is nearing $90, and other altcoins like Litecoin, Chainlink, Zcash, and Stellar have seen gains of up to 4%. In stark contrast, HYPE has declined by approximately 5%, falling below $32.

The total cryptocurrency market cap increased by $80 billion since yesterday, nearing $2.5 billion.