Bitcoin Price Plummets Below $80K as Binance Coin Overtakes Ripple

The cryptocurrency market witnessed significant fluctuations on May 14, with Bitcoin's price plummeting below $80,000. This development came after the asset had experienced substantial volatility at the beginning of the previous business week.

On Monday, the bulls stepped up their efforts, initiating an impressive run at $82,500. However, the resistance proved too strong, and BTC dived to under $80,000 after the CPI data for April went live. Despite recovering some losses, BTC is still 1.5% down on the day.

Binance Coin (BNB) has managed to reclaim its position as one of the top four cryptocurrencies by market cap. Its lead over Ripple (XRP) has grown significantly, with BNB's market cap surpassing $90.4 billion and XRP's at $88.5 billion. Many other larger-cap altcoins are also in the red, including Ethereum, SOL, and UNI.