Massive Double-Digit Gains From These Alts as BTC Returns to $80K: Weekend Watch
TL;DR
Bitcoin's price quickly rebounded back to $80,000 after a brief dip, following Trump's ceasefire announcement. Several altcoins, including ONDO and SIREN, saw significant gains during this period.
Key points
- Bitcoin reclaimed $80,000 after a brief dip.
- Trump announced a ceasefire between Ukraine and Russia.
- Altcoins ONDO, SIREN, JUP, ICP, and VVV saw significant gains.
Mentioned in this story
Bitcoin’s price slide below $80,000 didn’t last long, as the asset reclaimed that level yesterday following US President Trump’s announcement of a three-day ceasefire between Ukraine and Russia.
Many altcoins have produced a lot more impressive gains today, led by ONDO, SIREN, JUP, ICP, and VVV.
BTC Taps $80K Again
Bitcoin’s late April/early May rally began at the end of the previous month when it had dipped to $75,000 following the latest FOMC meeting in which the Fed maintained the interest rates unchanged. In the following week, the cryptocurrency added roughly $8,000 to chart a three-month peak at $82,800.
Following such an impressive run in relatively unstable market conditions, many analysts warned that BTC could be due for a correction as the environment didn’t appear solid enough. This retracement transpired on Thursday and especially on Friday, when the asset fell to $79,100, thus dropping by almost $4,000 from its local peak.
Nevertheless, it rebounded swiftly, perhaps due to positive developments in the Ukraine/Russia war, where US President Donald Trump announced a three-day ceasefire.
This means that its market capitalization has returned to just over $1.6 trillion on CG, while its dominance over the alts has been reduced to 58.1%.
BTCUSD May 8. Source: TradingView
Alts Rocket
Essentially, all alts have posted some gains today. Ethereum has reclaimed $2,300 after a minor increase, while XRP and BNB continue to fight for the fourth spot in terms of market cap. XRP has taken a slight lead after a 3% daily jump. SOL, ADA, LINK, and CC have jumped by 5-8%, while ZEC is up by 10% to $630. SUI, UNI, and NEAR are also well in the green.
Even more impressive gains come from ONDO (25%), JUP (24%), ICP (20%), SIREN (19%), FIL (16%), VVV (15%), and ARB (13%).
The cumulative market cap of all crypto assets has added more than $40 billion since yesterday’s low and is up to $2.780 trillion on CG.
Cryptocurrency Market Overview May 9. Source QuantifyCrypto
Q&A
What caused Bitcoin to return to $80,000?
Bitcoin's return to $80,000 was influenced by US President Trump's announcement of a three-day ceasefire between Ukraine and Russia.
Which altcoins experienced the highest gains recently?
The altcoins that produced the most impressive gains include ONDO, SIREN, JUP, ICP, and VVV.
What was Bitcoin's peak price before the recent dip?
Before the recent dip, Bitcoin reached a peak price of $82,800.
