Bitcoin Trades Near $78,000 After Brief Peak as Other Cryptocurrencies Decline

Bitcoin traded at $77,794 on Thursday morning, up 0.4% over the past 24 hours, after reaching a high of $79,388 on Wednesday evening. The cryptocurrency's 24-hour low was $77,464, reflecting a range of about $1,900. CoinDesk reported that bitcoin was the only major cryptocurrency showing positive territory over the period.

Ether fell 0.7% to $2,344, while XRP declined 1.7% to $1.42. Solana dropped 1.5% to $85.83, and BNB decreased 0.6% to $635. These movements occurred amid profit-taking in the market.

naval blockade on ships going to and from Iranian ports and Iranian gunboats firing on commercial ships in the Strait on Wednesday. Iran kept the Strait closed to almost all other international traffic. Brent crude oil held above $95 per barrel amid these developments.

A ceasefire remains in place indefinitely, but a planned trip by U.S. officials to Islamabad was called off after Iran declined to send a delegation. A White House spokesperson said no firm deadline has been set for an Iranian proposal.

Analysis Bitcoin has risen 4% over the week, while other major cryptocurrencies remained within 2% in either direction, with ether and Solana showing declines. Funding rates for bitcoin derivatives have been negative for about 47 consecutive days. Analysts noted that a drop below $76,000 could indicate a near-term peak unless sentiment improves or progress occurs in talks with Iran.

The CEO of Bitpanda took the opposite view, arguing the overnight push toward $80,000 signals digital asset industry maturity and resilience backed by institutional participation and clearer regulatory frameworks. This view contrasts with market data showing limited participation from other cryptocurrencies.

CoinDesk highlighted that the rally appears concentrated in bitcoin rather than broad-based across digital assets.