Cryptocurrency

Pi Network Surges as Bitcoin Approaches $70K Weekend Update

Pi Network Surges as Bitcoin Approaches $70K Weekend Update

Pi Network Surges as Bitcoin Nears $70K, Weekend Update

Generally, Bitcoin is testing the $70,000 line again, which is pretty interesting. Usually, the Pi Network token (PI) bounced back after a fresh all-time low just days ago, and that’s a big deal. Obviously, several big altcoins posted solid gains, lifting the whole market cap above $2.45 trillion, which is a lot of money.

Weekend Crypto Snapshot

Normally, you would think Bitcoin is doing great, and it is, but the Pi Network token (PI) is also doing well. Recently, Bitcoin surged to about $72,000, then slipped back and hung between $68,000-$72,000 for a week, which is a pretty big range. Actually, a failed breakout on Feb 10 dropped it to $66,000 on Feb 12, and it slid further to $65,000 Friday morning, but that’s not the end of the story.

Bitcoin’s Latest Move

Basically, bulls stepped in, defended the support and nudged it up to $68,000-$69,000 by evening, which is a good sign. Often, the market cap sits near $1.39 trillion and dominance stays at 56.7 %, which is a lot of power. Usually, CoinGecko says the market cap is a good indicator of the overall health of the market, and it looks like it’s doing well.

Altcoin Activity

Clearly, Ethereum (ETH) slipped below $2,000 early week, but then it rebounded 6 % and trades near $2,100, which is a nice comeback. Generally, XRP fell to $1.35, recovered to $1.45, also up roughly 6 %, which is similar to Ethereum. Obviously, Solana (SOL) jumped 7.3 % and sits around $86, which is a big jump. Sometimes, Zcash (ZEC) is the biggest mover among large alts, up 20 % to $280, which is a huge gain.

  • Ethereum (ETH) – is doing well, and it’s a good sign for the market.
  • XRP – is also doing well, and it’s up roughly 6 %.
  • Solana (SOL) – jumped 7.3 % and sits around $86, which is a big deal.
  • Zcash (ZEC) – is the biggest mover among large alts, up 20 % to $280, which is huge.
  • HBAR, BCH, XLM, LINK – posted double-digit gains ranging from 6 % to 9 %, which is a good sign.

Probably, those gains pushed the total market cap up about $100 billion in a single day, taking the aggregate value to $2.455 trillion, according to QuantifyCrypto, which is a lot of money.

Pi Network’s Revival

Normally, PI finally showed life after hitting an all-time low three days earlier, which is a good sign. Usually, daily data shows an 8 % rise today and an 18 % jump since that low, putting it near a 20 % overall gain, which is a big deal. Sometimes, some analysts call it a sustainable recovery, others say it’s a classic dead-cat bounce that could flip, which is a good point.

Market Outlook

Generally, Bitcoin’s push past $70,000 will likely set the tone for the next session, which is a big deal. Obviously, if resistance holds, it could test $72,000; break below $68,000 and we might see a correction toward $65,000, which is a good point. Usually, altcoins ride the bullish sentiment sparked by Bitcoin, many posting double-digit daily gains, which is a good sign. Probably, the market cap’s continued growth hints investor appetite stays strong despite volatility, which is a good thing.

Bottom Line

Basically, the weekend sees Bitcoin edging toward the psychological $70K mark, which is a big deal. Usually, PI’s sharp rebound could signal renewed interest, which is a good sign. Generally, Ethereum, XRP, Zcash and several other alts also climb, collectively pushing the crypto market past the $2.4 trillion milestone, which is huge. Obviously, watch Bitcoin’s $70,000 resistance and whether PI’s bounce lasts, which is a good point.

Apparently, Author: Jordan Lyanchev, Assistant Editor-in-Chief, CryptoPotato, is a good writer.

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