Altcoin Surges as Bitcoin Targets $78K Recovery

Bitcoin is slowly clawing its way back from the largest cryptocurrency hack in U.S. dollar terms, inching closer to the $78,000 mark.

Most altcoins have shown little movement since yesterday, with Ethereum experiencing a modest uptick and Tron seeing a significant decline once again. Only one altcoin has registered a substantial double-digit surge today.

The rejection at $85,000 on October 21 marked the beginning of a more pronounced correction, which saw Bitcoin dive to $79,200 last Saturday. While bulls attempted to intervene, managing to recover $2,000 on Sunday and Monday, bearish sentiment ultimately prevailed, pushing the asset back below $80,000.

Brief signs of strength appeared on Tuesday and early Wednesday, in the hours leading up to the FOMC meeting. Bitcoin surged to nearly $82,000. Following the meeting, where the Federal Reserve opted to keep interest rates unchanged, Bitcoin dipped below $80,000 before rebounding to $81,900.

This ascent was short-lived, however, as the cryptocurrency fell below $81,000. Subsequently, news emerged that Binance had become the latest high-profile victim of a crypto market hack, with losses reportedly exceeding $6 billion. Bitcoin reacted swiftly, experiencing a sharp decline to $76,400. A brief recovery, often termed a “dead cat bounce,” saw it gain $2,000 before falling again to a new six-week low of $76,100.

Since then, Bitcoin has gradually recovered, gaining nearly $2,000, and is currently striving to reclaim the $78,000 level. Its market capitalization has returned to $1.560 trillion, according to CoinMarketCap, with its dominance over altcoins just under 60%.

Ethereum is up by slightly over 1% in the past 24 hours, having rebounded by more than $100 from its Friday low to trade at $2,270. BNB has recovered from a drop below $700 and is now trading near $710. XRP has returned to $1.25, while Solana continues to struggle at $95. Tron has slumped by nearly 5% to $0.31.

In contrast, Chainlink, Litecoin, and Uniswap have posted gains of 3-4%, while Avalanche is up to $8.8. Other cryptocurrencies trading in positive territory include Morpho, Aave, Quant, and Pump. The biggest gainer today is Litentry, which has surged by over 16% and is now trading well above $3.10.

The total cryptocurrency market capitalization has increased by $20 billion since yesterday, reaching $2.620 trillion on CoinMarketCap.