Bitcoin Smashes Support...Hyperliquid Rises 43% Alone While Major Coins Plummet

▲ Bitcoin (BTC), Cryptocurrency Decline/AI Generated Image

While Bitcoin (BTC) continued its weekly bearish trend, giving way to key support levels one after another, Hyperliquid (HYPE) set a new all-time high. The market is paying attention to the possibility of increased volatility ahead of the change in the U.S. Federal Reserve Chair, the first in about 8 years since Jerome Powell.

Cryptopotato reported on May 22 (local time) that Bitcoin surpassed $82,000 late last week but immediately lost the $80,000 support level due to selling pressure. Subsequently, Bitcoin fell below $78,000 on Saturday, and an additional decline early in the week pushed it down to $76,000, its lowest level since early May.

Bitcoin dropped by more than $6,000 in 4-5 days. It then attempted a rebound, touching $78,000 on Thursday, but its upward momentum was limited, failing to overcome the bearish market structure and investor sentiment. As of the time of writing, Bitcoin is attempting to defend the $77,000 line.

Major large-cap altcoins also generally showed weakness. According to market data, Bitcoin fell 2% to $77,100, Ethereum (ETH) dropped 3.8% to $2,125. XRP fell 4.8% to $1.36. The total cryptocurrency market cap was recorded at $2.666 trillion, 24-hour trading volume at $76 billion, and Bitcoin's dominance at 58%.

In contrast, Hyperliquid surged 43% weekly amid the market downturn, surpassing $62 and setting a new all-time high. Zcash (ZEC), NEAR Protocol (NEAR), ONDO, and VVV also recorded double-digit gains, joining the ranks of rising assets.

This week in the cryptocurrency market, key issues included Bitcoin Pizza Day, cumulative purchases by Bitcoin whale wallets, the 1st anniversary of Chicago Mercantile Exchange XRP futures, Truth Social's (linked to the Trump family) withdrawal of its cryptocurrency ETF, MicroStrategy's large-scale additional Bitcoin purchase, and reports of Iran launching Bitcoin-based shipping insurance for the Strait of Hormuz. With Bitcoin's breach of key support levels and Hyperliquid's new all-time high presenting a mixed picture, the market is focusing on variables that will determine short-term price movements under the new Fed Chair's system.

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