Bitcoin approaches $85K resistance while QNT surges 75% after selection by The Clearing House for on-chain money initiative.
Macro & Markets ·
Bitcoin is trading just below the $85,000 level after defending support at $83,000, with a market capitalization of $1.7 trillion and dominance of 58.6% over altcoins. The asset has spent the weekend grinding higher following multiple rejection attempts at resistance levels earlier in the week. The broader cryptocurrency market has grown to a total capitalization of $2.910 trillion.
Quant's QNT token has posted the largest gains among major altcoins, surging 75% to above $190 before pulling back to around $160. The token's rally follows The Clearing House's announcement that it selected Quant to power its On-Chain Money Initiative. Other altcoins including WLD, GRAM, and ZEC have also posted double-digit percentage increases over the past 24 hours.
Whether Bitcoin's approach to $85,000 will result in a break above this resistance or another rejection remains uncertain. The sustainability of altcoin momentum beyond QNT's specific catalyst is also unclear, as some assets like XRP and DOGE have experienced minor losses during the same period.