TAO rises by double digits, BTC eyes $72k price: Weekend awakening

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Summarize with AI

Summarize with AI

Despite the recent developments in the Middle East war, the price of Bitcoin has shown strong stability and even today it is close to $72,000.

Most of the bigger altcoins are in the green today, with ETH rising above $2100. TAO has been the best performer of the larger caps, gaining more than 12% daily.

BTC Eyes $72K

The previous working week began with a short-term correction that took BTC to $65,600 as the asset reacted to the weekend’s actions on the US/Israel-Iran war front. However, the cryptocurrency rebounded in the following days and topped $70,000 on Wednesday after the release of the latest CPI data and Trump’s very hopeful words that the war could be over.

Bitcoin fell below $70,000 a day later, but the bulls took full control on Friday and launched another impressive leg that pushed it to a 10-day peak of $74,000. However, it was immediately rejected there and dropped to $70,000 as the US launched a massive attack on a key Iranian island.

However, BTC remained above this level even as Trump called on other countries to send ships to protect oil exports through the Strait of Hormuz, and France responded positively. Moreover, it has shown some gains over the past few hours as Bitcoin challenged $72,000, but has yet to yield results.

Its market capitalization reached about 1.440 trillion dollars, while its dominance over alts is up to 57%.

TAO Flies

As the chart below shows, most of the larger alternatives are slightly in the green. ETH rose above $2,100, BNB is north of $660, while XRP is at $1,415. Similar gains are coming from the likes of SOL, TRX, DOGE, ADA, BCH, while LINK is up over 3.5% to $9.2.

MNT, TAO and ZEC are the best performers of the larger-cap alts. TAO has even increased by double digits and is now approaching $270.

The total crypto market capitalization as of yesterday was about $40 billion and in CG is over $2.5 trillion.