Bitcoin's rise is blocked at $95,000, these altcoins have seen the largest pullback, the PayFi sector has surged this year, how to position?
For mainstream cryptocurrencies, this week has shown strong performance. On Monday, Bitcoin's price broke through the upper limit of the short-term range at $86,000, eventually surpassing $87,000. On Tuesday, Bitcoin's price continued to rise, eventually breaking through the $90,000 mark — the first time since early March.
After a slight pullback, BTC continued to rise, reaching $92,000 on Wednesday. On Friday, the bulls really stepped on the gas, pushing Bitcoin to just below $96,000, hitting the highest price in nearly two months.
The weekend was much calmer, although Bitcoin attempted to break the resistance level again earlier on Sunday, it ultimately failed to do so. However, as of now, BTC is still about $2,000 away from its peak. Its market cap on the CG platform has dropped below $1.87 trillion, but its dominance over altcoins remains as high as 61.3%.
In the past day, most altcoins have seen declines even greater than BTC. In fact, among large-cap stocks, only ETH and TRX saw slight increases.
In contrast, some of the best-performing coins yesterday, such as PEPE and SHIB, fell over 5%. ADA, SOL, DOGE, LINK, AVAX, and XRP also experienced declines.
Since yesterday, the total market capitalization of all crypto assets has decreased by about $40 billion, and has dropped by about $70 billion since Friday's peak.
The PayFi sector has a year-to-date return of 178%, leading the pack. Other sectors are still stagnating, while it has raced out of sight. XRP, $XLM, and TEL have become the strongest players. Old projects, new narratives, the most dangerous places are also the places with the greatest opportunities.
PayFi cannot be suppressed any longer. It is not a newly emerged concept, but a long-standing idea that is finally coming to fruition after a delayed explosion. In Web3 applications, PayFi is becoming the hottest new direction in the financial sector. The financial system will eventually be reshaped, and PayFi is that undercurrent that is surfacing.
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