Bitcoin Stalls a Cent Below $80,000 as Altcoins Give Back Weekend Gains

Bitcoin touched $79,999.99 on Coinbase before easing, its highest level since May, while 80 of the 123 largest non-stablecoin tokens fell on the day. Total crypto market value declined even as bitcoin rose.

Bitcoin came within a cent of $80,000 on Monday before stalling, extending a rally that has run for four sessions on catalysts that all predate the weekend, while the altcoins that led last week's advance gave back their Sunday peaks.

Nothing new arrived to carry it. No federal agency published a crypto action between Friday and Monday, and the next dated events sit outside the tape: Grayscale's Zcash trust converts to an NYSE Arca-listed ETF on Tuesday, and Federal Reserve Chair Kevin Warsh speaks at Jackson Hole later this week into a rates market pricing a 30% chance of a September increase.

Bitcoin last changed hands at $78,995, up 1.8% over 24 hours and 22.9% over seven days, after trading between $76,718 and $79,955, CoinGecko data shows. Ether was at $2,481, up 0.7% on the day and 29.8% on the week. XRP fell 2.4% to $1.48 while holding a 47.8% weekly gain; Solana rose 1.3% to $96.82; BNB was flat at $704. Total crypto market value stood at $2.68 trillion, down 0.7% over 24 hours, on $128 billion of volume, with bitcoin dominance at 59.1%.