RAVE Defies Altcoin Correction With Another 40% Surge, BTC Dipped Toward $71K: Weekend Watch
TL;DR
RAVE surged 40% despite a broader altcoin correction, while Bitcoin dipped toward $71K after failed peace talks between the US and Iran. Most altcoins, including ETH, experienced significant declines.
Key points
- RAVE surged 40% amid altcoin correction
- Bitcoin dipped toward $71K after US-Iran talks failed
- Most altcoins, including ETH, experienced significant declines
Bitcoin’s gradual price increase that began after the US and Iran announced a two-week ceasefire came to an end earlier this morning when the two sides failed to reach a permanent peace agreement.
Most altcoins have followed suit, with ETH sliding toward $2,200, while HYPE, ADA, BCH, and LINK have marked more substantial declines.
BTC Slid $2K in Minutes
After the slow previous weekend, BTC began the business week on the right foot, surging from $67,000 to $70,000 amid reports that the US and Iran had begun negotiations for a ceasefire. More volatility ensued as the report was initially denied, and BTC slipped below $68,000.
However, once US President Donald Trump announced the ceasefire on Tuesday morning, bitcoin rocketed to over $72,000. It climbed to almost $73,000 later that day as the FT suggested Iran would want BTC payments from ships passing through the Strait of Hormuz.
With peace talks scheduled for Saturday in Pakistan, bitcoin continued to climb gradually by the end of the week and peaked at nearly $74,000 late last night. However, it dumped by over two grand in minutes after US VP Vance announced both sides had failed to reach an agreement.
As of now, bitcoin stands at $71,500 after a 1.5% daily decline. Its market cap is down to $1.430 trillion, while its dominance over the alts has remained above 57% on CG.
BTCUSD April 12. Source: TradingView
RAVE Keeps Pumping
Most larger-cap alts are slightly in the red today. Ethereum is down by 1% but has managed to maintain above $2,200. XRP is down to $1.33 after a similar decline, while BNB has lost the $600 support. SOL is down by over 2%, while HYPE, ADA, and BCH have slipped by more than 3%. Even more profound declines are evident from RAIN and DOT.
In contrast, RaveDAO’s native token has exploded by another 40% today. The asset has gained more than 1,000% since last Sunday and is now well within the top 100 alts by market cap.
The total crypto market cap is down by over $30 billion and is down to $2.510 trillion on CG.
Cryptocurrency Market Overview April 12. Source: QuantifyCrypto
Q&A
Why did Bitcoin's price drop toward $71K?
Bitcoin's price dropped toward $71K after failed negotiations for a permanent peace agreement between the US and Iran.
What happened to other altcoins during the Bitcoin dip?
Most altcoins, including ETH, HYPE, ADA, BCH, and LINK, experienced substantial declines as Bitcoin's price fell.
How much did RAVE increase despite the altcoin correction?
RAVE increased by 40% even as most altcoins faced a correction.
