Bitcoin holds near $80,000 as Arbitrum token surges 42%

  • Bitcoin spent the weekend near $80,000 after recovering from a Friday selloff.
  • Arbitrum’s native token rose 42% to above $0.19.
  • Bitcoin’s market capitalization reached $1.6 trillion, while dominance eased to 59.1%.

Bitcoin spent most of the weekend near $80,000 after recovering from a sharp Friday decline triggered by a strong U.S. jobs report and rising expectations of a Federal Reserve rate hike. The cryptocurrency had climbed more than 25% in August, closing the month in positive territory for the first time during the current bear market. Bitcoin’s market capitalization returned to $1.6 trillion on CoinMarketCap, while its market dominance slipped to 59.1%. Altcoins (cryptocurrencies other than Bitcoin) posted stronger gains, with Zcash rising 17% to approach $1,200 and Arbitrum’s native token jumping 42% to above $0.19. Ethereum, Uniswap’s UNI and several other major tokens also advanced, lifting the total crypto market capitalization 0.8% to just over $2.7 trillion.

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