BTC Price Recovers From Drop Below $59,000, UNI Rises 20% Weekly (Market Watch)

The price of Bitcoin fell again last night, but the asset has managed to recoup most of the losses and now sits well above $60,000.

Most altcoins are slightly in the green on a daily basis, with XRP up 2%, while BNB is down by the same percentage.

BTC bounces back above $60,000

It’s safe to say that Uptober hasn’t made the expected gains so far. The situation looked different at the start of the current working week, as BTC surged above $64,400. However, this was short-lived and the asset began to lose value almost immediately.

It had dropped as low as $62,000 on Wednesday, but bears kept the pressure mounting and it fell further to $60,400 on Thursday morning. The picture worsened in the evening when bitcoin fell a few more grains to a multi-week low of $58,800. As reported, this violent pullback resulted in approximately $250 million in daily scale liquidations at the time.

However, the bulls eventually rallied at this point and did not allow further corrections. On the contrary, BTC has recovered almost $2,000 since then and is now trading around $60,700.

Still, it’s down more than 1% on a weekly basis, pushing its market cap to just under $1.2 trillion. His dominance over the highs has also taken a hit, dropping to 53.9% in CG.

Bitcoin/Price/Chart 11.10.2024. Source: TradingView UNI on the Rise

Most altcoins experienced similar volatility yesterday, but have calmed down on a daily basis. ETH, SOL, XRP, TON, DOGE, ADA, and AVAX have posted some minor gains over the past 24 hours, while BNB, TRX, and SHIB are slightly in the red.

UNI and IMX have emerged as the current best performers of the larger-cap alternatives, with gains around 4%. In the case of the former, the price hikes have only intensified, as it is up 20% since this time last Friday.

However, the total crypto market capitalization has declined slightly since yesterday, dropping to $2.220 trillion.

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