Pi Network’s PI Tap 3-Month High, Bitcoin (BTC) Struggles for $68K: Weekend Watch

Pi Network’s PI token continues to defy the overall market trend with massive double-digit daily gains.

The price of Bitcoin failed to maintain the level of $ 70,000 and has fallen by two positive increments since then, currently fighting for the support of $ 68,000.

Altcoins are bleeding daily, ETH goes below $2,000, and BNB sinks below $630. PI is among the few exceptions today with significant price increases.

BTC Drops to $68K

Last Saturday there were many events as the US and Israel launched an attack on Iran. The Middle Eastern country quickly retaliated against many countries in the region, although its Supreme Leader was killed during the attack. BTC responded with a quick price drop from $67,000 to $63,000 after the first strikes, but it rebounded to $68,000 on the same day.

Its volatility continued as other financial markets opened on Monday morning, but the bulls appear to be in control. By Wednesday, they had driven the cryptocurrency to a monthly high of $74,000. After reaching $11,000 from Saturday’s low, BTC was in for a correction that started the same day and peaked early Saturday.

As reported yesterday, bitcoin lost the level of $ 70,000 following the weak report of US jobs and Trump’s recent words about Iran and Cuba. It continued to fall to a multi-day low of $67,500 marked on Saturday morning.

It has rebounded to $68,000 since then, but is still down 4% daily. Its market cap has dropped to $1.360 trillion, while its dominance over alts is 56.6%.

PI Ignores the Market

The graph below will clearly show that bears continue to dominate the altcoin market. ETH is down about 5% to below $2,000 now, SOL has lost the same percentage to $84, while BNB, XRP, DOGE, BCH, and XMR are down 2-3%.

Even more painful losses are seen in SKY, ZEC, SUI, and AAVE. In fact, the only notable item from the top 100 is the Pi Network native token. PI is up another 13% daily and is now trading around $0.23 for the first time in three months. Perhaps the most likely reason for this impressive performance is the ongoing protocol updates.

However, the total crypto market lost more than 50 billion dollars per day and fell to $2.4 trillion in CG.