After Losing Over Ten Grand, Bitcoin’s Price Calms

Bitcoin’s price has stabilized at around $89,000 after a turbulent day. Altcoins have also seen some recovery, but they remain significantly down from their weekend values.

BTC Calms at $89K

Not long ago, Bitcoin was showing promise, nearing the $100,000 mark after a notable price increase. However, everything changed when Bybit experienced a monumental hack resulting in $1.4 billion lost.

As a result, Bitcoin’s price plummeted to $95,000 within hours. Though it temporarily recovered to $96,500, a dramatic drop on Monday and Tuesday saw its value fall from $96,000 to $86,000, marking the most severe correction in over three months. This spike in volatility wiped out many gains made following Trump’s presidential win.

Currently, Bitcoin has rebounded slightly to stand at $89,000, with a market cap just above $1.760 trillion and a 57.9% market dominance.

Alts Bounce-Off

Altcoins experienced even harsher declines, yet many have begun to recover as of late. Ethereum has risen from a low of $2,300 to challenge $2,500 with a daily increase of 4%. BNB has climbed to $630, and SOL is above $140.

Several altcoins have posted significant gains: XRP increased by 8.5% to over $2.3, with DOGE, ADA, LINK, XLM, AVAX, LTCO, SUI, TON, SHIB, HBAR, HYPE, and many others also realizing gains.

The total cryptocurrency market cap, which fell by over $300 billion yesterday, has partially recovered to reach above $3.050 trillion after gaining back $100 billion.