Monero (XMR) Explodes Again by 17%, Bitcoin (BTC) Rejected at $92K: Market Watch

Following a dull weekend, bitcoin’s price surged by two grand on Monday morning despite the latest political tension, but it was quickly halted and driven down to its starting point.

Most altcoins are in an unfavorable state as well, aside from Monero (XMR), which has gone on a tear in the past week, surging to almost $600.

BTC Stopped at $92.4K

The previous business week began on a similar note. BTC had a better weekend at the time and was already close to $91,500 when the bulls took control and pushed it to nearly $95,000 on Tuesday morning. However, the bears were quick to intercept the move and didn’t allow another rally, possibly to $100,000.

Instead, bitcoin started to lose value rapidly and found itself dipping below $89,500 by Thursday. It bounced off on Friday and was stopped again at $92,000. The weekend was highly uneventful, with bitcoin spending it sideways between $90,000 and $91,000.

The first signs of a potential breakout arrived on Monday morning when BTC jumped to $92,400 amid growing tension between US President Trump and Fed Chair Powell. However, that was another fakeout, and bitcoin is now back at $90,600.

Its market capitalization remains sluggish at $1.810 trillion, while its dominance over the alts is still at 56.9% on CG.

BTCUSD Jan 12. Source: TradingView

XMR on the Run

Most larger-cap alts have failed to produce any gains in the past 24 hours. SOL is up by just over 2%, while BNB, XRP, DOGE, TRX, BCH, ADA, and XLM are all in the red. XMR has stolen the show once again, surging by 17% to $580. The asset has been on a massive roll since the troubles with ZEC started to unravel.

MYX and CC are the other notable gainers from the top 100 alts. In contrast, POL has tumbled by over 8% following its latest rally.

The total crypto market cap continues to struggle at the same level, just under $3.2 trillion on CG.

Cryptocurrency Market Overview Daily January 12. Source: QuantifyCrypto

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