From CryptoPotato · By Jordan Lyanchev
Bitcoin suffered a major leg down on Friday after the world’s largest crypto exchange was hit with a painful hack, but has managed to rebound above $77,000.
The altcoins are also trying to recover from the Friday shock, with BNB defending the $700 support. AAVE has risen by 6% among the larger caps, while RAIN, HYPE, and TRX have dropped hard.
BTC Stable at $77K
The primary cryptocurrency faced a notable rejection ten days ago at $85,000, and it hasn’t been able to fully recover since. At the time, the bears initiated a few consecutive leg downs that culminated on Saturday with a price slump to $79,100 — the lowest level in five weeks.
It tried to recover in the following days, and jumped to $81,700 on Tuesday, just a day before the highly anticipated FOMC meeting. It dipped as the event was hours away, and rose back to $81,800 when it became known that the central bank won’t be hiking rates, which was mostly expected.
Then came another leg down to under $80,000 before the asset surged to nearly $82,000 on Thursday. It remained close to $81,000 when the news about the hack against Binance went live and then tumbled by several grand to a six-week low of $76,400 at first. It bounced off to $78,400, where it was rejected, and slipped to $76,100 hours later.
While some argue that the extent of this crash was not nearly severe enough given the significance of the hack, bitcoin jumped back up, and it’s now trading around $77,500.
Its market capitalization has stalled at $1.550 trillion on CMC, while its dominance over the alts is inches below 60%.
BTCUSD October 31. Source: TradingView
STX, AAVE on the Rise
ETH has rebounded above $2,200 on Saturday, while BNB is north of $700 once again after a brief dip. XRP dumped below $1.20 but now stands at $1.55. ZEC and LINK have gained 3% and 4%, respectively, over the past 24 hours, while TRX has slumped by almost 7%. RAIN is down by 8%, while HYPE has slipped by 4.5%.
AAVE is the major gainer since yesterday, jumping by over 6% to $133. STX has outperformed the rest of the top 100 altcoin field, rocketing by 11% to $0.31.
Nevertheless, the total crypto market cap has dumped to $2.6 trillion on CMC, which is about $80 billion less than the pre-hack levels.
Cryptocurrency Market Overview October 31. Source: QuantifyCrypto
The post STX Defies Altcoin Crash With Double-Digit Surge, BTC Stabilizes at $77K: Weekend Watch appeared first on CryptoPotato.