The last 24 hours have seen considerable turbulence in the crypto market. Bitcoin (BTC) initially surged, reaching a peak of $114,000, but soon lost momentum and dropped below $108,000.

Many leading altcoins followed this uncertain trend, however, Zcash (ZEC) distinguished itself with a substantial gain of 10% for the day.

Bitcoin Faces High Volatility

Yesterday, BTC traded within the $107,000 to $109,000 range until late in the day when the Federal Reserve’s meeting hinted at exploring ‘payment accounts’, allowing crypto firms access to Fed payment systems. This positive news momentarily caused BTC’s price to spike.

The rise also correlated with a downturn in gold prices, prompting some analysts to suggest that investors might be shifting their focus from gold to Bitcoin.

Despite the spike leading to widespread liquidations - impacting numerous traders due to high leverage - the trend quickly reversed, leaving BTC at around $108,200.

Notably, social media users observed that the decline coincided with U.S. President Donald Trump’s threat of imposing 155% tariffs on China starting November 1.

Market Capitalization and Dominance

As a consequence of the volatility, Bitcoin’s market cap now hovers around $2.16 trillion, while its market dominance remains near 57.5% against various altcoins.

Zcash Surges as Other Alts Struggle

In contrast to BTC, Ethereum (ETH) also experienced fluctuation but managed to stay in the vicinity of $3,850 after almost reaching $4,100. Notable periods of decline were observed in Aster (ASTER), Mantle (MNT), and Pump.fun (PUMP). Meanwhile, Zcash and ChainOpera AI (COAI) surged by 10% and 57%, respectively.

The overall cryptocurrency market capitalization remains around $3.75 trillion, similar to levels recorded 24 hours prior.

Market Overview

Source: QuantifyCrypto

Lastly, recent updates and insights can be explored in several linked articles relevant to the ongoing shifts in the crypto market.