Bitcoin Stalls Below $90K as HYPE Altcoin Rebounds 11%

Bitcoin’s price action over the past week has been a direct reflection of escalating and de-escalating geopolitical rhetoric. The cryptocurrency traded above $95,000 during the previous weekend, but faced immediate pressure as tensions between the United States and the European Union intensified. The catalyst was the U.S. president’s announcement of new tariffs, contingent on EU members refusing to reach a deal concerning Greenland. This development triggered a sell-off as Asian and futures markets opened, pushing BTC below the critical $90,000 support level.

The decline culminated in a multi-week low of $87,200 on Wednesday, coinciding with President Trump’s appearance at the World Economic Forum in Davos. The speech, however, provided the volatility that defines crypto markets. Trump’s statement that he “wouldn’t use force to take control of the island” prompted a rapid surge back above $90,000. This rally proved fleeting, with the price quickly retracing to $88,000 before another jump to $90,000 occurred on news that a deal with Denmark was being negotiated. Despite these swings, Bitcoin has been unable to sustain momentum, ultimately being stopped at $91,000 and settling once again below the $90,000 mark, with its market cap stalled below $1.8 trillion.

While Bitcoin consolidates, the altcoin market presents a mixed but intriguing picture. Major assets like Ethereum (ETH), XRP, and Binance Coin (BNB) continue to struggle, trading below $3,000, $2.00, and $900 respectively. This broader stagnation makes the performance of several smaller-cap tokens more notable. Assets like XMR, CC, and WLFI posted what the source describes as “impressive gains,” indicating capital rotation within the sector.

The standout performer, however, is the HYPE token. After being in a “free-fall state for about a week,” HYPE surged 11% in the past 24 hours to reach $23. This rebound highlights the extreme volatility and rapid sentiment shifts possible in the altcoin space. Despite the daily gain, the token remains down by more than 7% on a weekly basis, underscoring the severity of its prior decline. Other notable movers include RIVER, which exploded by 32% daily to enter the top 100 altcoins by market capitalization, and MYX, which followed with a 12% surge to $6.50.

Beneath the price volatility of individual assets, key market structure metrics show underlying resilience. The total cryptocurrency market capitalization has successfully defended the $3.1 trillion level, remaining just inches above it. This defense suggests a foundational level of support exists for the digital asset ecosystem as a whole, even as headline prices fluctuate.

Furthermore, Bitcoin’s market dominance—its share of the total crypto market cap—stands at 57.5%, according to the source data from CoinGecko (CG). This figure is significant. It indicates that despite altcoins like HYPE, RIVER, and MYX capturing attention with double-digit percentage gains, Bitcoin retains its position as the market’s anchor, commanding well over half of the total value. The stability in both total cap and Bitcoin dominance points to a market that, while reactive to external news, is not in a state of broad, structural breakdown. The coming days will reveal whether this stability can provide a platform for a more sustained move from either Bitcoin or the altcoin cohort.