At a Glance
- Monero (XMR) has dropped 12% in the past day after recently hitting an all-time high near $800
- Bitcoin stabilized above $95,000 following a volatile week that peaked at $98,000
- Most major altcoins remain stagnant with minimal price movement
- Why it matters: The sharp XMR decline shows how rapidly gains can reverse in volatile privacy coins
Monero’s explosive rally has abruptly reversed. The privacy-focused cryptocurrency surged to a record $800 in recent days, only to crash back to $620 as traders took profits.
Bitcoin Finds Footing After Fed Chair News
Bitcoin had been on a tear earlier this week. The flagship cryptocurrency climbed from $90,000 to $92,000 on Monday, finally breaking through resistance to reach $98,000 on Wednesday evening.
This marked an $8,000 gain in just a few days. The rally added roughly $10,000 to bitcoin’s price since the start of the year.
The momentum shifted Thursday. Bitcoin pulled back below $94,500 after reports emerged that Kevin Hassett won’t be nominated as the next Federal Reserve Chair under the Trump administration.
The cryptocurrency bounced off those lows. Bitcoin has held above $95,000 throughout the weekend, with its market capitalization stuck at $1.9 trillion. Its dominance over altcoins remains unchanged at 57.4%.
Monero’s Rally Reverses Hard
While most larger-cap altcoins trade sideways, Monero stands out for its dramatic decline. XMR had been on an impressive run, surging to a new all-time high of almost $800.
The rally didn’t last. Monero faced rejection at those peak levels and has since collapsed to $620, marking a 12% decline in the past 24 hours alone.
Other privacy and alternative cryptocurrencies show mixed performance. Internet Computer (ICP) has also dropped significantly, losing 9% of its value daily.
Major Altcoins Remain Flat
The broader altcoin market shows little movement. Ethereum continues trading sideways around $3,300, while XRP has successfully defended the $2.05 support level.
Among other major tokens:
- Dogecoin (DOGE), Bitcoin Cash (BCH), Chainlink (LINK), and Zcash (ZEC) trade slightly in the red
- Binance Coin (BNB), Tron (TRX), and Solana (SOL) post insignificant gains
The total cryptocurrency market capitalization holds above $3.3 trillion, according to data from CoinGecko.
Market Outlook
The weekend’s price action highlights the ongoing consolidation across major cryptocurrencies. Bitcoin’s stabilization above $95,000 provides some stability, while Monero’s sharp reversal serves as a reminder of the volatility inherent in smaller-cap privacy coins.
Trading volumes remain subdued across most pairs as the market digests recent gains and awaits the next catalyst for directional movement.
