Pi Network’s PI token continues to defy the overall market trend with a massive double-digit gains daily.
Bitcoin’s price failed to maintain the $70,000 level and has dropped by an additional two grand since then, currently fighting for the $68,000 support.
The altcoins are bleeding out as well daily, with ETH going below $2,000, and BNB dipping beneath $630. PI is among the few exceptions today with a notable price surge.
BTC Drops to $68K
Last Saturday was quite eventful as the US and Israel initiated air strikes against Iran. The Middle Eastern country retaliated immediately against numerous nations in the region, even though its Supreme Leader was killed during the attacks. BTC reacted with an immediate price drop from $67,000 to $63,000 after the initial strikes, but rebounded to $68,000 on the same day.
Its fluctuations continued as other financial markets opened on Monday morning, but the bulls seemed in control. By Wednesday, they had driven the cryptocurrency to its highest level in a month at $74,000. After gaining $11,000 since the Saturday low, BTC was due for a correction that began on the same day and culminated earlier on Saturday.
As reported yesterday, bitcoin lost the $70,000 level following a weak US jobs report and Trump’s latest remarks on Iran and Cuba. It kept dropping to a multi-day low of $67,500 marked on Saturday morning.
It has rebounded to roughy $68,000 since then, but it’s still 4% down daily. Its market cap has declined to $1.360 trillion, while its dominance over the alts is at 56.6%.
BTCUSD Mar 7. Source: TradingView
PI Defies the Market
The graph below will clearly demonstrate that the bears continue to dominate the altcoin market. ETH is down by nearly 5% to under $2,000 now, SOL has lost a similar percentage to $84, while BNB, XRP, DOGE, BCH, and XMR are down by 2-3%.
Even more painful losses are evident from SKY, ZEC, SUI, and AAVE. In fact, the only notable exception from the top 100 alts is Pi Network’s native token. PI has soared by another 13% daily and now trades close to $0.23 for the first time in three months. Perhaps the most probable reason behind this impressive performance is the ongoing protocol updates.
Nevertheless, the total crypto market cap has shed over $50 billion in a day and is down to $2.4 trillion on CG.
Cryptocurrency Market Overview Mar 7. Source: QuantifyCrypto
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