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.