Bitcoin quickly shrugged off the immediate losses prompted by the Democratic sweep in the midterms and skyrocketed to a weekly high of $81,000, where it was finally halted.
Most altcoins followed suit, with ETH reclaiming $2,400 and XRP surging past $1.30. Interestingly, HYPE, TRX, XMR, and RAIN have failed to join the ride.
BTC Above $80K
The primary cryptocurrency tanked hard at the end of the previous business week following the largest hack in the crypto industry in USD terms. It traded at around $81,000 before the bears drove it south to $76,400 first and then to $76,100. The bulls finally intervened after this major leg down, helping BTC recover some ground over the weekend to around $78,000.
Monday morning began with another minor rally to $79,000, where the bears reemerged again and rejected bitcoin’s mild progress. Shortly after, the asset dipped to $76,400. As the midterms approached, the cryptocurrency regained some traction and tapped $78,000 again.
However, the clear and decisive victory for the Democrats resulted in a massive nosedive for BTC, which tumbled to a seven-week low of $75,600. Once the uncertainty faded, though, bitcoin rallied hard and jumped to $78,000 almost immediately. It flew further when US trading hours began yesterday, and rocketed to $81,000, leaving $380 million in shorts liquidated in just an hour.
Although it was stopped there, BTC continues to trade above $80,000 as of press time. Its market capitalization has rebounded to $1.610 trillion on CMC, while its dominance over the alts is above 60% again.
TRUMP Tanks (Again)
Perhaps as expected given the election results, the official meme coin linked to the US President was among the poorest performers yesterday, dumping to a 3-month low. The situation hasn’t improved much, as TRUMP is down by another 15% on a 24-hour scale today.
Meanwhile, Ethereum has risen past $2,400 after dipping to $2,100 after the midterms, while XRP has jumped to $1.32 as of press time. SOL is still under $100 despite its 3.7% daily increase. LINK, ADA, LTC, CRO, BCH, CC, and TAO are also well in the green.
In contrast, HYPE has slumped by nearly 4% to $83, while TRX, XMR, and RAIN are slightly in the red.
The total crypto market cap has increased by 2.3% in a day, and it’s up to $2.690 trillion on CMC.
The post Bitcoin Soars Past $80K, Official Trump (TRUMP) Tanks by Another 15%: Market Watch appeared first on CryptoPotato.
VVV is the other major loser today, while PIEVERSE has rocketed by double digits. Crypto News, Market Updates, social, Top News
This articles is written by : Nermeen Nabil Khear Abdelmalak
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