From CryptoPotato · By Jordan Lyanchev
Bitcoin’s price recovery from the Thursday collapse continues as the asset currently sits close to $83,000 after marking a multi-week low at under $80,500.
Most larger-cap alts have remained sluggish on a daily basis, with ETH struggling below $2,500 and XRP barely defending the $1.40 support. ADA and NEAR, though, have posted notable gains.
BTC Eyes $83K
The business week began on the right foot for the primary cryptocurrency, which surged by a few grand on Monday morning to touch $87,000 for the first time since the previous Friday. However, just as it happened at the end of the previous week, BTC was stopped and quickly dipped to $85,000.
The bulls initiated another leg up that resulted in challenging the same resistance, but the bears intervened even faster this time and brought a whole army. Instead of another bounce, bitcoin slumped hard to under $84,000 on Tuesday. It couldn’t really recover on Wednesday, and the bulls lost complete control of the market on Thursday.
At the time, BTC crashed by several grand and dipped to a multi-week low of $80,400. It finally rebounded after this near-$7,000 decline in just days and jumped to $83,400 yesterday. However, it was stopped there and now trades inches below $83,000.
Its market capitalization has pulled back to $1.660 trillion on CMC, but its dominance over the alts has skyrocketed to 59.5%.
BTCUSD October 10. Source: TradingView
ADA, NEAR Pump
Ethereum slipped to $2,400 during the market-wide crash and has recovered slightly to almost $2,500 as of now, but it’s still far away from its local top at $2,800. XRP dipped to $1.34 before it rebounded to $1.41 as of now. BNB is back at $750 after a slight daily increase, similar to DOGE and LINK.
In contrast, SOL, TRX, and HYPE are slightly in the red. Cardano’s ADA has rebounded by 7% and has reclaimed the $0.255 level. NEAR Protocol’s native token has risen the most among the larger-cap alts, rocketing by over 10% to $5.25. DOT, WLD, BTW, and WLF have also charted notable gains.
The total crypto market cap shed $200 billion from top to bottom but has rebounded slightly to $2.8 trillion on CMC now.
Cryptocurrency Market Overview October 10. Source: QuantifyCrypto
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