Pi Network Surges 8% from Lows Amid Bitcoin Volatility

Bitcoin Faces Renewed Pressure, Altcoins Mixed

Bitcoin’s recent price weakness persists, with its recovery attempts stalled at the $75,000 mark. The cryptocurrency is now struggling to maintain its position above $74,000.

The broader altcoin market is mirroring Bitcoin’s struggles. While some, like Zcash (ZEC) and Monero (XMR), have experienced significant losses in the past 24 hours, others such as Avalanche (AVAX) and Ondo Finance (ONDO) have seen gains exceeding 5%.

Bitcoin’s price volatility intensified following a major hack on the Binance exchange in late October, which contributed to a 7% decline for the cryptocurrency by the end of the month. More recently, attention shifted to the US midterm elections a week ago, triggering another wave of market fluctuations. Initially, Bitcoin saw a sharp drop below $76,000 after a Democratic victory was projected, only to surge to $81,000 twelve hours later.

However, this rally proved short-lived. The asset experienced a more substantial decline, falling in tandem with Wall Street equities. Bearish sentiment pushed Bitcoin below $75,000 on Friday, marking an 11-week low. The cryptocurrency managed a rebound over the weekend, hovering near $76,000.

A further downturn occurred on Monday morning, driving Bitcoin to a new multi-month low of $73,500. This represented a drop of over $8,000 in less than a week. Bullish intervention helped Bitcoin regain some ground, but the upward momentum was capped at $75,500. As of press time, Bitcoin is trading just above $74,000.

Bitcoin’s market capitalization has fallen below $1.5 trillion once again. Its dominance over altcoins, as tracked by CoinMarketCap, remains above 60%.

Pi Network Token Shows Resilience Amidst Broader Weakness

The native token of Pi Network was among the weakest performers during yesterday’s market downturn. The token, already under pressure, plunged another 8% to a fresh all-time low below $0.0635. Despite this, it has since staged an impressive rebound, gaining 10% in the last 24 hours and trading at $0.07 as of press time.

Meanwhile, most larger-cap altcoins have seen minimal price action. Ethereum (ETH) is trading around $2,100, Binance Coin (BNB) has fallen back to $690, and XRP continues to struggle below $1.10. Solana (SOL) is slightly in the red, while Chainlink (LINK) and Cardano (ADA) have posted modest gains.

Among the larger-cap altcoins, ZEC and XMR have experienced the most significant declines. Conversely, ONDO and Aave (AAVE) have seen gains of 5-6%. Pieverse and Stable are the only tokens in this category to achieve double-digit percentage increases today.

The total cryptocurrency market capitalization has remained largely unchanged from the previous day, staying well below the $2.5 trillion mark on CoinMarketCap.