From CryptoPotato · By Jordan Lyanchev
Bitcoin’s evident price weakness continues as the asset’s recovery was halted at $75,000, and it’s now struggling to remain above $74,000.
Most altcoins are in a similar boat. Some, such as ZEC and XMR, have marked massive losses over the past 24 hours, while AVAX and ONDO are up by more than 5%.
BTC Shaky at $74K
Bitcoin’s price troubles intensified after the massive Binance hack at the end of October, and the cryptocurrency ended the month with a 7% decline. Then the focus turned to the US midterms a week ago, which brought a fresh wave of fluctuations. At first, BTC tanked below $76,000 after the Democratic sweep before it exploded to $81,000 12 hours later.
That price pump, though, was short-lived, and the asset plummeted even harder this time alongside Wall Street. The bears pushed it south to under $75,000 on Friday, which became a new 11-week low. The cryptocurrency finally rebounded over the weekend and remained close to $76,000.
Another leg down followed on Monday morning, driving it to a new multi-month low of $73,500. This meant that BTC had dumped by more than $8,000 in less than a week. The bulls finally intervened and helped bitcoin reclaim some ground, but it was stopped at $75,500. As of press time, BTC is just inches above $74,000.
Its market capitalization has dipped below $1.5 trillion once again, while its dominance over the altcoins sits above 60% on CMC.
BTCUSD November 10. Source: TradingView
PI Rebounds
Pi Network’s native token was among the poorest performers during the crash yesterday. The already-suffering token plummeted by another 8% and charted a fresh all-time low of under $0.0635. Its subsequent rebound, though, has been quite impressive, as the asset is up by 10% on a 24-hour scale and sits at $0.07 as of press time.
Meanwhile, most larger-cap alts have produced little to no major moves. ETH is down at $2,100, BNB is back at $690, while XRP continues to struggle below $1.10. SOL is slightly in the red, while HYPE, LINK, and ADA have posted minor gains.
ZEC and XMR have dumped the most among the larger-cap alts, while ONDO and AAVE are up by 5-6%. PIEVERSE and STABLE are the only double-digit gainers today.
The total crypto market cap has remained at essentially the same level as yesterday, well below $2.5 trillion on CMC.
Cryptocurrency Market Overview November 10. Source: QuantifyCrypto
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