Bitcoins price ascent came to a halt yesterday at almost $106,000, where the asset faced a violent rejection that pushed it south to under $101,000 before it staged a minor recovery.

Most altcoins have turned red today after the recent gains, led by a massive price slump from PI.

BTC Stopped at $106K

After trading sideways for about a week at around $94,000 and $96,000, bitcoin finally broke above the upper boundary last week and quickly shot above $100,000. Since that date (May 8), the cryptocurrency has remained well within six-digit territory.

Its price climb continued in the past few days, even during the calm weekend, perhaps due to the positive developments on the US-China trade front. The culmination came yesterday as both countries announced a pause in the tariffs, and BTC spiked to a new four-month peak of just under $106,000.

However, the bears finally reemerged at that point and stopped the assets rise. In a matter of a few hours, BTC slumped hard and dropped below $101,000 for the first time in almost a week.

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Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! Nevertheless, it has bounced off and now trades close to $103,000. Its market cap has remained at around $2.040 trillion, while its dominance over the alts has recovered some ground and is up to 59.8% on CG.

Alts Back in Red

Most altcoins registered massive gains in the past week or so, and expectedly, have corrected over the past day. Some of the biggest price drops come from the meme coin space, with DOGE, SHIB, PEPE, and WIF dropping by around 10%.

PI has dumped the most from the largest 100 alts, having lost 25% of value and trading below $1.15 now.

In contrast, XRP is the only exception with minor daily gains, having tapped $2.5. Ripples cross-border token neared $2.7 yesterday but was rejected at that point.

The total crypto market cap has lost almost $100 billion since yesterdays peak and is down to $3.42 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

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