This Altcoin Defies Sunday Sluggishness as BTC Eyes $78K Recovery: Weekend Watch

Meanwhile, M and XPL have dropped hard over the past 24 hours.
ByJordan Lyanchev

Bitcoin’s gradual recovery from the largest crypto hack in USD terms continues, with the asset slowly grinding toward $78,000.

Most altcoins have remained quite sluggish since yesterday, with ETH posting a minor increase, while TRX has dropped hard once again. There’s only one alt with a substantial double-digit surge today.

BTC Eyes $78K

The rejection at $85,000 on October 21 was the beginning of a more profound correction that started with a dive 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 dipped below $80,000 once again.

Brief signs of strength emerged on Tuesday and early Wednesday, during the hours leading up to the FOMC meeting, when BTC surged to almost $82,000. Once the meeting concluded and the Fed left interest rates unchanged, BTC dipped below $80,000 before it jumped back to $81,900.

Its ascent was halted there, and the cryptocurrency dipped below $81,000. Then came news that Binance was the latest big-name hack victim in the crypto markets, with the losses exceeding $6 billion. Bitcoin reacted immediately with a painful nosedive to $76,400. The dead-cat bounce took it two grand higher before it dipped again 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 reclaim the $78,000 level. Its market cap has returned to $1.560 trillion on CMC, while its dominance over the alts is just shy of 60%.

LIT Defies the Market

Ethereum is up by just over 1% in a day, and has rebounded by more than $100 since its Friday low to trade at $2,270. BNB has rebounded from the sub-$700 drop and now sits close to $710. XRP is back at $1.25, while SOL continues to struggle at $95. TRX has slumped by nearly 5% to $0.31.

In contrast, LINK, LTC, and UNI have posted 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 rocketed by over 16% and now sits well above $3.10.

The total crypto market cap has added $20 billion since yesterday, and it’s up to $2.620 trillion on CMC.

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About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato’s Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

Source: cryptopotato.com