Bitcoin's Money Drains Out... Hyperliquid and Zcash 'Steal the Show' in the Crypto Market

▲ Bitcoin (BTC), Hyperliquid (Hyperliquid, HYPE), Zcash (Zcash, ZEC)/AI generated image

Bitcoin (BTC) has once again failed to break past $78,000. The recovery trend that began a few days ago slightly surpassed $78,000 before falling back by about $500, and market attention shifted to Hyperliquid (Hyperliquid, HYPE) and Zcash (Zcash, ZEC), which recorded double-digit surges.

CryptoPotato reported on May 21 (local time) that after Bitcoin was rejected several times at $82,000 last week, it failed to maintain the psychological threshold of $80,000, and subsequently fell to $76,000 following declines over the weekend and early this week. This price was presented as the lowest in over three weeks.

Bitcoin avoided further declines due to an influx of buying interest after falling over $6,000 in a few days. It then showed a gradual recovery, exceeding $77,000 the previous day and slightly surpassing $78,000 this morning. However, further upward movement was halted, and Bitcoin's market capitalization fell below $1.56 trillion. Bitcoin's dominance against altcoins slightly decreased to 58.2% according to CoinGecko.

In the altcoin market, Hyperliquid and Zcash showed strong upward momentum. Ethereum (Ethereum, ETH) saw a slight daily decrease but remained above $2,100. Meanwhile, BNB, Solana (Solana, SOL), Dogecoin (Dogecoin, DOGE), Bitcoin Cash (Bitcoin Cash, BCH), and Monero (Monero, XMR) rose by 1-2%.

Among large altcoins, Hyperliquid showed the most prominent performance. Hyperliquid surged 19% in a single day, reaching $58 and nearing its all-time high. Zcash rose over 13%, surpassing $660. Dash (DASH), Mantle (MNT), Ondo (ONDO), and Bittensor (TAO) also continued their upward trend, with Sui (SUI) and NEAR Protocol (NEAR) also ranking among the top daily gainers.

The total cryptocurrency market capitalization increased by over $30 billion in a single day, nearing $2.68 trillion according to CoinGecko. While Bitcoin halted at the $78,000 resistance level, the short-term market leadership shifted to some altcoins, primarily Hyperliquid and Zcash, which recorded double-digit gains.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*