Bitcoin’s gradual recovery from the largest crypto hack in US dollar terms continues, with the asset slowly approaching $78,000.
Most altcoins remained quite slow since yesterday, with ETH showing a slight increase, while TRX fell sharply again. There is only one alt with a substantial double-digit increase today.
BTC eyes $78,000
The rejection to $85,000 on October 21 was the start of a deeper correction that began with a fall to $79,200 last Saturday. The bulls tried to intervene and helped BTC recover $2,000 on Sunday and Monday, but the bearish sentiment prevailed and the asset fell below $80,000 again.
Brief signs of strength appeared Tuesday and early Wednesday, in the hours before the FOMC meeting, when BTC surged to near $82,000. After the meeting ended and the Fed left interest rates unchanged, BTC fell below $80,000 before returning to $81,900.
Its rise was halted there and the cryptocurrency fell below $81,000. Then came the news that Binance was the latest major hack victim in the crypto markets, with losses exceeding $6 billion. Bitcoin immediately reacted with a painful fall to $76,400. The dead cat bounce took it two thousand dollars higher before falling back to a new six-week low of $76,100.
Since then, it has gradually recovered, gaining almost $2,000, and the asset is now fighting to regain the $78,000 level. Its market cap is back to $1.56 trillion on CMC, while its dominance on alts is just under 60%.
LIT challenges the market
Ethereum is up just over 1% in a day and has rebounded more than $100 from its Friday low to trade at $2,270. BNB rebounded from a dip below $700 and now sits near $710. XRP is back at $1.25, while SOL continues to struggle at $95. TRX fell almost 5% to $0.31.
On the other hand, LINK, LTC and UNI have seen gains of 3-4%, while AVAX is up to $8.8. MORPHO, AAVE, QNT and PUMP are also in the green. The biggest gainer today is LIT, which has soared over 16% and is now well above $3.10.
The total crypto market cap added $20 billion since yesterday, and it reaches $2.620 trillion on CMC.
The post This Altcoin Defies Sunday Slowness as BTC Eyes $78,000 Recovery: Weekend Watch appeared first on CryptoPotato.
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