Digital currency ZEC leads altcoin market, Bitcoin price holds support at $88,000

Digital currency ZEC hit a new double-digit high, while Bitcoin price continued to hold on to $88,000 levels over the weekend.

Despite improving US inflation data, Bitcoin failed to capitalize on the momentum and failed to break above the $89,500 level on Thursday.

After two consecutive rejections near $94,500 last week, Bitcoin price entered a correction wave that saw prices drop to $90,000 before selling pressure resurfaced at the start of the week and pushed it below $85,500.

Despite an attempt at a quick recovery, temporarily above $90,000, prices fell rapidly again, especially after the release of the Consumer Price Index data, leading to significant volatility, falling to a multi-month low of $84,500.

Currently, the price of Bitcoin is trading above US$88,000, with a weekly decline of approximately 2.5%. The market value remains above US$1.75 trillion, with a market dominance of 57.3%.

On the other hand, most altcoins are trading mixed.

The price of Ethereum quickly rebounded from falling below $2,900, approaching the level of $3,000, while alternative digital currencies such as BNB, SOL, BCH, and LINK saw limited gains.

The price of the digital currency XRP also increased by more than 3.5%, breaking through the $1.90 level, while the prices of ADA and DOGE were both up by about 3%.

As for ZEC, the performance was the most outstanding. The currency price increased by more than 10%, causing the currency price to exceed 450 US dollars. In addition, HYPE, CRO, and UNI increased significantly, and the CC currency rose strongly by more than 12%.

Affected by this, the total market value of the cryptocurrency market increased by approximately US$50 billion, reaching approximately US$3.05 trillion.

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