Market Update: Bitcoin Drops Below $122K While ZCash Soars 35%

The cryptocurrency market saw Bitcoin struggle to maintain a position above $122K, retracing its total market capitalization to approximately $4.2 trillion.

Bitcoin’s Volatility

Bitcoin attempted to rise beyond $124K but failed to hold its ground as the market turned bearish. As of yesterday, it managed a brief spike to $124,000 but subsequently fell to around $121,500 before stabilizing between $121,500 and $122,000.

BTC Price Trend Source: CoinGecko

On October 9, fluctuations are anticipated as Jerome Powell, the Federal Reserve Chairman, is set to address the US economic outlook, which could influence Bitcoin’s dynamics.

ZCash’s Surge

During this turbulent period for Bitcoin, ZCash (ZEC) has distinguished itself by achieving a remarkable 35% price increase, marking it as the top performer among larger cryptocurrencies. Meanwhile, Aster (ASTER) has faced significant losses, reporting a 12% decline over the last day.

The total cryptocurrency market cap has decreased by 1.3%, now standing at $4.23 trillion as Bitcoin’s dominance remains at 56.8%.

Additional Reads

Here are some articles that might interest you:

• 3 Reasons Crypto Investors Should Brace for a Record-Breaking Quarter
• BTC Price Prediction: Analyst Eyes $400K Peak, Here’s When
• Bitcoin Boom Imminent? Institutional Data Hint at Hidden Bullish Momentum

Stay updated with the latest market trends!