Bitcoin Breaks $80,000...BNB Surpasses XRP to Strengthen 4th Place Competitive Edge

▲ XRP, BNB/ChatGPT generated image

Bitcoin (BTC) fell below $80,000, spreading bearish pressure across the cryptocurrency market. Amidst this, BNB widened its market capitalization gap with XRP to approximately $2 billion, taking a further lead in the market ranking competition.

CryptoPotato reported on May 14 (local time) that Bitcoin, after encountering resistance again near $81,000 the previous day, dropped over $2,000 in a few hours, falling below $79,000, its lowest point in 10 days. Although some rebound followed, most major altcoins showed a downward trend that day.

Bitcoin had fallen to $78,250 early in the previous trading week, then approached $83,000 on Wednesday, marking a high not seen in over three months. However, the upward momentum could not be sustained, and it fell to $79,500 on Friday. It recovered $80,000 over the weekend, and on Monday, buying pressure pushed it up to $82,500, but it failed to overcome that resistance.

Subsequently, Bitcoin failed in its attempt to break above $82,000 on Tuesday and fell below $80,000 after the release of the April Consumer Price Index (CPI). The previous day, it rebounded to $81,250 but was again pushed down by selling pressure, falling to $78,750 according to Bitstamp. This is the lowest level since May 4.

Bitcoin later recovered about $1,000 but remained down 1.5% on a daily basis. Its market capitalization decreased to $1.6 trillion, and its market dominance over altcoins remained above 58% according to CoinGecko (CG).

In the altcoin market, BNB widened its gap with XRP. BNB regained its 4th position by market capitalization the previous day and further extended its lead over the past 12 hours. BNB has risen over 9% in the past month, and its market capitalization has exceeded $90.4 billion. In contrast, XRP only rose about 4% during the same period, with its market capitalization recorded at $88.5 billion.

Ethereum (ETH) fell 1.5% to $2,265. Solana (SOL) dropped over 4%, barely holding onto the $91 mark. Cardano (ADA), Hyperliquid (HYPE), Zcash (ZEC), Chainlink (LINK), and others plummeted over 9% in a single day.

The total cryptocurrency market capitalization decreased by over $40 billion in a day, falling below $2.75 trillion according to CoinGecko. As Bitcoin failed to defend the $80,000 level, major altcoins generally showed weakness, while BNB, amidst this market correction, widened its market capitalization gap with XRP, strengthening its lead in the race for the 4th position.

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