Bitcoin’s ongoing price recovery comes after a turbulent Monday and Tuesday, allowing the asset to rise past the $104,000 mark this morning, albeit facing immediate selling pressure.

XRP remains a strong performer among high-cap altcoins, achieving a 3.6% increase, but it pales in comparison to ZEC and ICP’s performance.

BTC Surged to $104K

The leading cryptocurrency experienced notable volatility over the past week, initially hitting $116,000 before dipping around $111,000 after interest rates dropped on Wednesday. Despite this, it fell to just below $107,000, but quickly rebounded to around $111,000 over the weekend.

Subsequently, the market saw a drastic drop with BTC’s price plunging to $104,000 in a mere 36 hours, before sinking to under $99,000 - marking the lowest price point in nearly five months.

The bulls began to take control after this $12,000 drop within two days, initiating a gradual recovery. BTC managed to reach $102,000 yesterday before surpassing $104,000 today, finally stabilizing around $103,000.

Its market capitalization stands at approximately $2.060 trillion, maintaining a steady dominance of 58.5% over altcoins.

BTCUSD Source: TradingView

ZEC’s Performance

Despite the broader market’s downturn, the privacy-focused ZEC has experienced a remarkable 20% increase in the last 24 hours and is trading at multi-year highs exceeding $500. The other significant altcoin performer is ICP, which has surged by 24% to $6.2 at the time of this report.

Ethereum’s value has edged up by nearly 2% but remains below $3,400, with XRP recapturing ground against BNB due to a 3.7% increase, currently trading above $2.30. Meanwhile, Ethereum, TRX, ADA, and LINK posted small gains, while BNB, DOGE, BCH, and HYPE experienced minor losses over the last day.

Overall, the cryptocurrency market cap has rebounded to over $3.5 trillion after falling below $3.3 trillion on Tuesday.

Cryptocurrency Market Overview Source: QuantifyCrypto