Following a notable price drop on Friday and a relatively calm weekend, Bitcoin’s price has rebounded to approximately $110,000. This recovery coincided with US President Trump’s decision to pause tariffs against the European Union, initially scheduled to take effect on June 1.
In addition to Bitcoin’s resurgence, altcoins have also shown positive momentum, with HYPE leading the charge by reaching a new all-time high of nearly $40 today.
BTC Bounces to $110K
The leading cryptocurrency experienced significant volatility at the beginning of the previous week, notably challenging the $107,000 mark multiple times. The bears managed to halt this advance on Sunday and Monday. However, bullish momentum regained strength on Wednesday, pushing Bitcoin above $109,100 to mark a new all-time high nearing $110,000.
After a brief but sharp rejection, the cryptocurrency escalated again on Thursday, which is celebrated by many as Pizza Day, achieving a peak of $112,000, its most recent all-time high.
Bitcoin held close to this peak for the following 24 hours, but a statement from President Trump regarding new tariffs against the EU led to an immediate market reaction, causing Bitcoin to drop below $107,500.
Throughout the weekend, Bitcoin remained around this level. However, with Trump’s announcement to delay the tariffs for at least another month, Bitcoin surged once more. During the Asian trading session today, the cryptocurrency soared to and slightly surpassed the $110,000 threshold, maintaining that position as of the latest updates.
As a result, Bitcoin’s market capitalization has recovered to $2.180 trillion according to CoinGecko, with its dominance over altcoins standing strong at 61.1%.
HYPE’s Show Continues
Despite a recent exploit linked to the project’s official X account, HYPE remains on an upward trajectory. The asset has been able to overcome various challenges and chart new peaks, with the latest record approaching $40. HYPE has surged over 12% in the last day, although it has seen slight retracement since reaching its all-time high.
On the daily scale, HYPE has only been outperformed by JUP, VIRTUAL, and FET. Other notable gainers among larger-cap altcoins include AVAX, ADA, UNI, TAO, APT, ICP, ETH, SOL, and DOGE.
The overall cryptocurrency market capitalization has gained nearly $80 billion since yesterday, now exceeding $3.570 trillion according to CoinGecko.
The insights provided above highlight a dynamic period in the cryptocurrency market, showcasing the resilience of Bitcoin and the remarkable performance of altcoins like HYPE. As always, staying informed and prepared for market fluctuations is key to navigating this thrilling financial landscape.
