BNB Pulls Further Ahead of XRP as Bitcoin Falls Below $80K: Market Watch
TL;DR
Bitcoin fell below $80,000 after failing to break resistance at $82,000, marking a 10-day low. Meanwhile, BNB has gained ground against XRP as most larger-cap altcoins decline.
Key points
- Bitcoin fell below $80,000 after failing to break $82,000
- BNB is gaining against XRP
- Most larger-cap altcoins are declining
Bitcoin was stopped once again yesterday at $81,000, and it fell by over two grand in a few hours to a 10-day low of under $79,000 before it managed to rebound slightly.
Most larger-cap alts are in the red today, with SOL sliding by more than 4%, UNI dumping by 5%, while ICP has plunged by 9%.
BTC Below $80K
The primary cryptocurrency experienced substantial volatility at the beginning of the previous business week, including a dip to $78,250 before it rocketed to almost $83,000 on Wednesday for the first time in more than three months. However, its progress was halted there, and the asset fell to $79,500 on Friday.
It reacted well and bounced to $80,000 during the weekend. The bulls stepped up on the gas pedal on Monday, initiating an impressive run at $82,500, but the resistance there was too strong. After another failed breakout attempt on Tuesday at $82,000, BTC dived to under $80,000 after the CPI data for April went live.
Nevertheless, it jumped to $81,250 yesterday, where it faced another rejection. This one was even more painful as it pushed the cryptocurrency to $78,750 (on Bitstamp) – its lowest price tag since May 4. Although it has recovered about a grand since then, BTC is still 1.5% down on the day. Its market cap has slipped to $1.6 trillion, but its dominance over the alts remains above 58% on CG.
BTCUSD May 14. Source: TradingView
BNB Overtakes XRP
Binance Coin managed to reclaim the fourth spot in terms of market cap yesterday, but it has only extended its lead over the past 12 hours. BNB has risen by over 9% in the past month, and its market cap is above $90.4 billion, while XRP is up by a more modest 4% and its market cap is at $88.5 billion.
Ethereum has slid by 1.5% to $2,265, while SOL has dropped by over 4%, and it’s barely hanging above $91 as of now. ADA, HYPE, ZEC, LINK, XLM, XMR, and UNI are also deep in the red, and so is ICP, which has dumped by over 9% daily.
The total crypto market cap has shed over $40 billion in a day and is below $2.750 trillion on CG.
Cryptocurrency Market Overview May 14. Source: QuantifyCrypto
Q&A
Why did Bitcoin fall below $80,000?
Bitcoin fell below $80,000 due to a failed breakout attempt at $82,000 and subsequent volatility following the release of CPI data.
How is BNB performing compared to XRP?
BNB is pulling further ahead of XRP as Bitcoin's price declines and most larger-cap altcoins are in the red.
What are the recent price movements of Bitcoin?
Bitcoin experienced significant volatility, reaching a high of nearly $83,000 before dropping to a low of under $79,000.
