Zcash (ZEC) Explodes Past $800, Bitcoin (BTC) Reclaims $77K: Market Watch

Emi NakamuraAugust 24, 20262 min read

Bitcoin’s price dip to $75,500 was short-lived, at least for now, and the asset has recovered two grand since then, trading at around $77,500 now.

There are several major gainers from the mid-cap alts, while the larger caps have produced more modest increases, such as ETH’s 2% jump.

BTC Above $77K

The primary cryptocurrency stood still for weeks and weeks before it finally exploded above the upper boundary at $65,000 last Wednesday. It flew to $70,000 within hours, faced a quick rejection, before it skyrocketed to $72,000 by Thursday morning.

The bulls kept the pressure on and initiated another leg up that culminated on Friday when bitcoin jumped to almost $80,000 for the first time in over three months. After gaining $15,000, the asset was primed for a correction, which took place during the weekend. As reported, it dipped to $75,500 as Wintermute built up a major short position.

However, the trend appears to have changed, and BTC started recovering some ground on Wednesday and Monday. Earlier today, it tapped $78,000 once again before it was stopped. Nevertheless, it still trades above $77,500 as of press time, up by over 21% since this time last Monday.

Its market cap has climbed to $1.555 trillion on CG, while its dominance over the alts has taken a minor hit and is just below 58%.

ZEC Neared $900

Ethereum has risen past $2,450 after a 2% increase in the past 24 hours. XRP is close to $1.50 once again, while BNB has tapped $700 and has climbed one position higher in terms of market cap. ZEC neared $900 yesterday for the first time in nearly a decade, and sits above $830 now.

Even more impressive gains are evident from mid-cap alts like CC, TAO, SKY, CRO, and others. Moreover, AAVE, MNT, and MORPHO have skyrocketed by double digits. PENGU has returned to the top 100 alts by market cap after a 20% daily surge.

In contrast, ENA, PUMP, and XMR have dropped the most since yesterday, with ENA slumping by more than 8%.

The total crypto market cap has added around $30 billion since yesterday and is up to $2.680 trillion on CG.