ZEC Surges 13% as Bitcoin Recovers $78K Post-Midterms
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Bitcoin experienced significant price swings this week, initially dropping to a seven-week low before staging a nearly $3,000 recovery.
MissedBlock Desk · 2 min read
Bitcoin Sees Volatility Amid Midterm Elections, Recovers to $78K
Bitcoin experienced significant price swings this week, initially dropping to a seven-week low before staging a nearly $3,000 recovery. The cryptocurrency’s fluctuations coincided with the US midterm elections, which concluded with a decisive victory for the Democrats.
Following the resolution of political uncertainty, many altcoins have shown positive momentum. Zcash (ZEC) has been a standout performer, surging past $1,300. XRP, Ethereum (ETH), and HYPE have also seen gains, as has NEAR.
The previous trading week was marked by considerable volatility, largely driven by a massive hack targeting Binance, the largest in cryptocurrency history by U.S. dollar value. Reports emerged Friday morning that the leading exchange had been compromised, with an unprecedented $6.3 billion in assets affected. This news sent Bitcoin’s price plummeting from $81,000 to a multi-week low of $76,400.
An initial attempt at recovery faltered, and the asset dipped further to $76,100. Bitcoin saw a slight rebound over the weekend, nearing $79,000 by Monday morning. However, a prevailing bearish market sentiment returned, pushing BTC back down to $76,500 on Tuesday morning.
Further volatility followed the US midterm election results. Bitcoin’s immediate reaction to the Democratic wins was a sharp decline to a seven-week low of $75,600. Subsequently, buyers stepped in, driving the price up to $78,500 as of this report.
Bitcoin’s market capitalization has recovered to $1.570 trillion, according to CoinMarketCap, with its dominance over altcoins hovering near 60%.
Ethereum has surpassed the $2,300 mark, buoyed by a 2.6% daily increase. XRP has challenged the $1.30 resistance level after a 3% rise. HYPE has experienced a similar surge, reaching nearly $87. BNB, SOL, XMR, DOGE, and ADA are also trading in positive territory. ZEC has been a notable gainer, with a substantial 14% surge pushing its price well above $1,300.
NEAR has reclaimed the $4.00 level following a 7% increase. ENA, PUMP, ONDO, MORPHO, and PEPE have seen gains of up to 8%. BTW has experienced a significant daily surge of 24%.
The total market capitalization of all crypto assets has increased by 2% in the past day, reaching $2.630 trillion, according to CoinMarketCap.