The digital currency ZEC is leading the altcoin market and the price of Bitcoin is maintaining support at $88,000
The digital currency ZEC recorded a new double-digit increase, while the price of Bitcoin continued to defend the $88,000 level over the weekend.
Despite the improvement in inflation data in the United States, Bitcoin was unable to capitalize on this momentum, as it failed to break the $89,500 level on Thursday.
After two consecutive rejections near 94,500 dollars last week, the price of Bitcoin entered a corrective wave during which the price dropped to 90,000 dollars, before renewed selling pressures at the beginning of the week pushed it below 85,500 dollars.
Despite the rapid recovery attempts that saw temporary jumps above 90,000 dollars, the price quickly retreated again, especially after the release of consumer price index data that led to sharp fluctuations and a drop to 84,500 dollars, the lowest in several months.
Currently, the price of Bitcoin is trading above 88,000 dollars, recording a weekly decline of about 2.5%, with its market value remaining above 1.75 trillion dollars, and its dominance in the market at 57.3%.
In contrast, the majority of alternative digital currencies tended to rise variably.
The price of Ethereum approached the level of 3000 dollars after a rapid recovery from a drop below 2900 dollars, while alternative digital currencies such as BNB, SOL, BCH, and LINK recorded limited gains.
The price of the digital currency XRP has risen by more than 3.5% to exceed the level of 1.90 dollars, while the price of both ADA and DOGE has increased by about 3%.
ZEC was the most prominent, as the price of the coin jumped by more than 10% to exceed 450 dollars alongside notable gains for both HYPE and CRO and a strong rise for CC by more than 12%.
As a result, the total market value of the cryptocurrency market has risen by about 50 billion dollars to reach approximately 3.05 trillion dollars.
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