Bitcoin Rejected at $88K, Canton (CC) Surges 17% in Crypto Market

Bitcoin’s price action over the past week has been defined by volatility and failed breakout attempts. The cryptocurrency experienced a sharp decline from $90,000 to $85,500, followed by a recovery back to $90,000, only to slump to a local low of $84,400. This decline occurred despite the release of better-than-anticipated US CPI (Consumer Price Index) data for November, which typically provides a bullish macroeconomic tailwind.

The subsequent recovery saw Bitcoin halted at $89,000, leading to a weekend of sideways trading around $88,000. A Monday push briefly took the price above $90,400, but this level was not sustained. After slipping to $86,400 yesterday, a fresh rebound this morning drove BTC to $88,000, where it faced immediate rejection. As of the latest data, Bitcoin sits approximately $500 below that key level, with its market capitalization remaining below $1.750 trillion. Its dominance over the altcoin market stands firm at 57.5%, indicating its continued outsized influence on overall market sentiment.

While Bitcoin struggles for direction, the altcoin market presents a mixed but cautiously optimistic picture. Most larger-cap alternatives are trading slightly in the green but have been unable to fully recover from recent losses. Ethereum has successfully defended the $2,900 support level, and BNB remains just above $840. XRP, however, has dipped below the $1.90 support, a move that could signal further weakness for the asset, though it currently shows a minor daily gain.

Other major assets like Solana (SOL), Cardano (ADA), Bitcoin Cash (BCH), Chainlink (LINK), and Monero (XMR) have all posted modest increases. The clear leader among the larger-cap altcoins is Zcash (ZEC), which surged more than 9% to approach the $450 mark. This performance highlights selective buying interest even within a generally subdued altcoin environment.

The most dramatic move, however, came from further down the market cap rankings. Canton (CC) seized the spotlight as the top performer among the top 100 cryptocurrencies, skyrocketing by 17% to a price well over $0.10. This surge significantly outpaces the gains seen in major assets and demonstrates where speculative capital is flowing. Bittensor (TAO) also posted a notable 7% gain since yesterday, contributing to the positive momentum in the mid-cap segment.

The total cryptocurrency market capitalization has added approximately $20 billion over the past 24 hours, rising to $3.040 trillion. This increase suggests underlying buying pressure and capital inflow, even as Bitcoin, the market leader, faces resistance. The growth indicates that investor interest is not solely focused on Bitcoin but is also distributed across alternative assets, particularly those showing strong momentum like CC and ZEC.

The current market phase is characterized by consolidation following a period of high volatility. Bitcoin’s repeated rejection at levels between $88,000 and $90,400 establishes a clear resistance zone that bulls must overcome to initiate a new leg higher. The failure to capitalize on positive US CPI data underscores that internal market dynamics and technical levels are currently outweighing favorable macroeconomic news. For traders, the immediate focus remains on whether Bitcoin can gather the momentum to break through the $88,000-$90,000 barrier or if it will retreat to test lower supports again, potentially dragging the broader market with it.