PI Token Skyrockets by 16%, Bitcoin Sits at Weekly Highs: Market Watch

Bitcoin’s price recovery following the two consecutive drops below $100,000 continues as the asset charted a weekly high at roughly $107,000 earlier today.

Many altcoins have posted impressive gains over the past 24 hours as well, including ETH, which is above $2,400 now.

$BTC Back Above $106K

It was just over a week ago when the primary cryptocurrency tested the $109,000 resistance but failed and went on a massive downtrend that lasted days. Prompted by the quickly escalating tension in the Middle East, which included attacks from the US against Iran and vice versa, $BTC’s price tumbled hard at the start of the current business week.

The culmination was two consecutive price dumps below $100,000, which took place on Sunday evening and on Monday. The one during the weekend was more violent as bitcoin plunged to $98,250 for the first time in well over a month.

However, as the geopolitical scene improved in the next 24-48 hours, $BTC started to recover and bounced to $105,000 yesterday. The past day has also been positive for the asset, which pumped to $107,000 earlier today – a weekly high.

Despite retracing by several thousand dollars since then, it’s still slightly in the green at over $106,000. Its market cap is back to $2.117 trillion on CG, while its dominance over the alts is well above 62%.

PI Ships

Although most larger-cap alts are slightly in the green today, Pi Network’s token has taken the main stage with a massive 16% surge. The most evident reason behind PI’s surge is a significant rumor started by its own community about a potential listing on a major exchange.

Ethereum has reclaimed $2,400 after a minor daily increase, while XRP is close to $2.2. Further small price jumps are evident from ADA, TRX, BNB, SOL, DOGE, and others. LINK, BCH, and HYPE are up by around 3-4%.

The total crypto market cap has recovered another $40 billion overnight and is up to $3.4 trillion on CG.