After a relatively stable weekend, Bitcoin (BTC) experienced heightened volatility around the $84,000 mark as large short positions on Hyperliquid triggered significant price swings.
The past week was already eventful, with BTC experiencing a sharp drop from $86,000 to $80,000 on Monday, followed by a deeper decline to a four-month low below $77,000 on Tuesday.
However, positive US CPI data for February helped fuel a recovery, pushing BTC above $85,000 midweek, though the momentum was short-lived. Over the weekend, Bitcoin hovered near $84,000, briefly spiking to $85,000 before dropping to $82,000 when a trader opened a $366 million short position on Hyperliquid.
As of now, BTC remains just under $84,000, with a market cap of $1.655 trillion and a dominance of 58.6% over altcoins.
BNB Surges, While PI Tumbles
Among large-cap altcoins, Binance Coin (BNB) emerged as the biggest winner, rallying over 6% to trade above $630. Meanwhile, most major altcoins have seen slight retracements:
- Ethereum (ETH), XRP, Cardano (ADA), and Tron (TRX) are down by up to 1%.
- Solana (SOL) has dropped by over 3.5%.
- Pi Network’s PI token is the worst performer, plunging 10% to trade under $1.35.
Other notable moves include OKB and Mantle (MNT) gaining 5-6%, while the TRUMP token slipped by 3%.
Crypto Market Cap Drops by $20 Billion
The total cryptocurrency market capitalization has declined by over $20 billion since yesterday, now standing well below $2.83 trillion.
With BTC continuing to face high volatility and altcoins showing mixed performance, traders will be watching closely to see if Bitcoin can maintain support above $84,000 or face further downside pressure.
