The US midterm elections are expected to bring another round of swings for bitcoin, whose price fell to a new seven-week low before rebounding near $3,000.
With political uncertainty now out of the way, most altcoins have turned green, led by ZEC’s major breakout above $1,300. XRP, ETH and HYPE are also in the green, as is NEAR.
BTC recovers $78,000
The previous business week also ended with an extremely volatile trading session sparked by the largest hack by USD value in crypto history against Binance. As reports began to emerge Friday morning that the major exchange had been compromised for an unprecedented $6.3 billion, the price of BTC fell from $81,000 to a multi-week low of $76,400.
Its initial rebound failed and the asset quickly fell to $76,100. It finally rebounded slightly over the weekend, and even came close to $79,000 on Monday morning. However, the mostly bearish market sentiment returned and BTC slipped to $76,500 on Tuesday morning.
Greater volatility occurred after the midterm elections in the United States, in which the Democrats won a convincing victory. Bitcoin’s initial reaction was a drop to a seven-week low of $75,600 before the bulls intensified and pushed it to $78,500 from here.
Its market capitalization has rebounded to $1.57 trillion on CMC, while its dominance on alts continues to flirt with 60%.
Alts turn green
Ethereum surpassed $2,300 after a 2.6% daily increase. XRP challenged resistance at $1.30 after a 3% surge, while a similar pump from HYPE pushed it near $87. BNB, SOL, XMR, DOGE and ADA are also slightly in the green, while ZEC stole the show with a massive 14% increase to well over $1,300.
NEAR reclaimed the $4.00 level after a 7% increase, while ENA, PUMP, ONDO, MORPHO and PEPE jumped up to 8%. BTW soared 24% daily.
The cumulative market cap of all crypto assets increased by 2% in one day to $2.63 trillion on CMC.
The post ZEC Explodes 13% Daily as BTC Price Reclaims $78,000 After Midterm Elections: Market Watch appeared first on CryptoPotato.
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