HYPE Explodes by Double Digits, BTC Price Eyes $110K: Market Watch

Bitcoin’s price tumbled by over eight grand from top to bottom in the past few days, but has managed to recover some of the losses and tapped $110,000 earlier today.

Binance Coin has resumed its recent bull rally, with a 4% surge that has pushed it beyond $1,100. Most other larger-cap alts are sluggish, aside from HYPE’s impressive increase.

BTC to Challenge $110K?

The primary cryptocurrency ended the previous business week with another decline, this time to under $104,000. However, the bulls reacted swiftly and didn’t allow a possible slump below $100,000, and BTC bounced off to $107,000 during the weekend.

The new business week began more positively, with BTC surging to $111,000 on Monday. After a correction to under $108,000, the asset went on the offensive hard on Tuesday and skyrocketed to $114,000 within hours.

However, that turned out to be a fakeout, and BTC lost all the momentum almost immediately. Moreover, it dumped to $106,200 (on Bitstamp) on Wednesday.

It has reacted well to this correction and even tapped $110,000 earlier today. Although it has failed at reclaiming that level, it now stands above $109,000. Its market cap remains steady at $2.180 trillion, with dominance over the alts exceeding 57.5% on CG.

BTCUSD. Source: TradingView

HYPE Rockets

Most larger-cap are slightly in the green now, with gains of up to 2%, including ETH, XRP, SOL, DOGE, ADA, XLM, and BCH. BNB has jumped by nearly 4% and trades above $1,100, while XMR and MNT have added 6% of value each.

HYPE has stolen the show with a massive 11%, which has pushed it to a multi-day high of just over $39. This came after Hyperliquid Strategies filed an S-1 with the US SEC to raise up to $1 billion to repurchase its own token.

The total crypto market cap has added around $40 billion in a day and is close to $3.8 trillion on CG.

Cryptocurrency Market Overview. Source Daily: Quantify Crypto

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