These Alts Bleed the Most as Bitcoin Was Rejected at $70K: Market Watch

Bitcoin’s price somewhat unexpectedly surged on Monday morning to mark a multi-day peak at over $70,000 before it was rejected and driven south by roughly two grand.

Most altcoins have also followed suit and are in the red today, aside from CC and ZEC, both of which have posted some gains.

BTC Fails at $70K

The primary cryptocurrency peaked at $69,200 last week, but the bears quickly stepped up at the time and pushed it south to $65,600 in a matter of days due to the quickly escalating and changing comments on the war in Iran. The following weekend was very eventful in that regard, with new threats and deadlines from Trump, but they couldn’t really move BTC.

The asset remained sideways between $66,000 and $67,000 before Monday morning, when it suddenly skyrocketed by a few grand to $69,600 at first and then to $70,250. This came after reports emerged that the US and Iran could reach a ceasefire deal soon.

However, there’s no indication for such a development as of press time, and Trump’s latest deadline for Iran to reopen the Strait of Hormuz expires later today. Unless he moves it (again), there could be intense attacks against the Middle Eastern country’s key infrastructure.

BTC was stopped and dipped to $68,400 before it recovered some ground and now trades around $69,000. Its market cap is at $1.380 trillion, while its dominance over the alts is at 56.6% on CG.

BTCUSD April 7. Source: TradingView

Alts Back in Red

Most larger-cap alts posted notable gains yesterday, but have turned red on a daily scale now. Ethereum has slipped back toward $2,100 after a 1.4% decline in a day, BNB is close to dipping beneath $600, while XRP was halted at $1.35. ADA, HYPE, XLM, RAIN, and AVAX have dropped the most from this cohort of alts.

In contrast, CC has risen by over 5.5% to $0.147, while ZEC is close to $270 after a 5% surge. MORPHO is also well in the green, gaining 6% to trade above $1.60.

The total crypto market cap has shed around $30 billion since yesterday’s peak and is down to $2.440 trillion on CG.

Cryptocurrency Market Overview April 7. Source: QuantifyCrypto

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