Pi Network’s PI token continues to defy the overall market trend with massive daily double gains.
Bitcoin price failed to hold the $70,000 level and has since dropped an additional two grand and is now struggling for the $68,000 support.
Altcoins are also bleeding daily with ETH falling below $2000 and BNB falling to $630. PI is among the few exceptions today with significant price increases.
BTC dropped to $68,000
Last Saturday was very tense as the US and Israel launched airstrikes against Iran. The Middle Eastern country immediately retaliated against multiple nations in the region, although its supreme leader was killed in the attacks. BTC reacted after the initial shocks with an immediate price drop from $67,000 to $63,000, but bounced back to $68,000 on the same day.
The volatility continued as other financial markets opened on Monday morning, but bulls remained in control. By Wednesday, they had taken the cryptocurrency to its highest level in a month at $74,000. After reaching $11,000 from Saturday’s low, BTC had to undergo a correction that started on the same day and ended on Saturday.
As reported yesterday, Bitcoin lost the $70,000 level following a weak jobs report and Trump’s recent comments on Iran and Cuba. It fell to a multi-day low of $67,500 on Saturday morning.
It has since rallied to around $68,000, but it is still down 4% on the day. Its market capitalization is down to $1.360 trillion, while its lead over alts is 56.6%.
PI rejects the market
The chart below clearly shows that bears dominate the altcoin market. ETH is now down about 5% to $2,000, SOL has lost a similar percentage to $84, while BNB, XRP, DOGE, BCH and XMR are down 2-3%.
Even more painful losses are known from SKY, ZEC, SUI and AAVE. In fact, the only notable exception to the 100 alts is the original Pi Network icon. PI rose another 13% daily and is now close to $0.23 for the first time in three months. Perhaps the most likely reason for this impressive performance is the current protocol updates.
However, the total volume of the crypto market has shed more than 50 billion dollars in one day, and in CG it has decreased to 2.4 trillion dollars.
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