Bitcoin retreats after rejection at $106K, altcoins suffer IP-led correction
- Bitcoin Retreats After Rejection at $106K
- Altcoins suffer correction with negative highlight for PI
- Crypto market cap drops by $100 billion
Bitcoin price today is quoted near $103.507 with a 1% increase on Tuesday, May 13, 2025.
After a week of consistent recovery, Bitcoin faced strong selling pressure as it hit the $106 mark. The cryptocurrency, which had been holding above $100 since May 8, suffered a sharp correction, falling back to below $101 in just a few hours.
The recent rally coincided with the announcement of the suspension of trade tariffs between the United States and China, which boosted market optimism. However, this trend did not last long, and sellers regained control shortly after BTC reached a four-month high.
Bitcoin is currently trying to regain ground and is trading at around $103. Its market cap remains at around $2,04 trillion, with a slight increase in dominance, which has risen to 59,8%.
While BTC is dealing with swings, major altcoins have also been impacted. After a week of impressive gains, many have seen steep losses over the past day. Popular tokens such as DOGE, SHIB, PEPE, and WIF have all fallen by approximately 10%, reflecting widespread profit-taking among investors.
The negative highlight was the cryptocurrency PI, which led the losses among the 100 largest in the market, falling around 25%. Currently, PI is trading below US$ 1,11, pressured by the outflow of capital after its recent rise.
Among a few exceptions, XRP showed some momentum by hitting $2,5 in the past 24 hours. Ripple's token flirted with $2,7 at its peak yesterday, but was also rejected and has retreated slightly since then.
Overall, the cryptocurrency market has lost nearly $100 billion since yesterday’s top, bringing the total capitalization down to around $3,42 trillion on the CG Index.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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