Bitcoin prices surged to a multi-day high of nearly $106,500 before facing rejection and falling more than $1,000.
Several altcoins have seen significant gains in the past 24 hours, with large-cap tokens led by another burst of HYPE.
The major cryptocurrency has made several attempts to break above $110,000 last week, potentially setting a new record high, but each attempt has been thwarted. The most significant rejections came on Thursday and Friday, especially after US President Donald Trump accused China of violating a trade agreement between the world's two economic powers.
The impact on BTC was immediate, as it plunged from $109,000 on Thursday to $103,100 on Saturday morning, a 12-day low. However, buyers managed to hold onto that level and bring BTC back to $104,500 by the weekend.
Monday saw increased volatility as BTC rose to $106,000 before being pushed back below $104,000. Tuesday morning saw a further surge to $106,500 for the first time since Thursday, but was again blocked, and is now trading just above $105,000.
BTC’s market cap is now worth $2.090 trillion, while its dominance over altcoins has fallen by 0.5% to 61% according to CoinGecko data.
In terms of daily performance, only ENA and WIF outperformed HYPE, up 12% and 15% respectively. Other altcoins that performed well included AAVE, ICP and PEPE.
ETH jumped 5% to $2,600, while SOL is nearing $160 after a 3% increase.
The total crypto market cap has increased by around $30 billion since yesterday and is now at $3.430 trillion according to CoinGecko.
