BTC Price Bounces Back Above $60K, UNI Surges 20% in a Week (Market Update)
Bitcoin’s price experienced a sharp dip below $59,000 but has managed to recover most of the losses and is currently trading well above $60,000.
On a daily scale, most altcoins are slightly in the green, with XRP seeing a 2% climb while BNB has dropped by the same percentage.
The anticipated gains of Uptober have so far not materialized. At the beginning of the current business week, BTC surged to over $64,400, but the rally was short-lived as the asset started losing value almost immediately.
By Wednesday, it had dropped to $62,000, and further fell to $60,400 on Thursday morning. The situation worsened in the evening when bitcoin slumped to a multi-week low of $58,800. This retracement led to approximately $250 million in liquidations on a daily scale.
However, the bulls stepped in and prevented further corrections. BTC has recovered nearly $2,000 since then and is now trading around $60,700.
Despite the recovery, BTC is down more than 1% on a weekly scale, pushing its market cap to just below $1.2 trillion. Its dominance over altcoins has also decreased to 53.9% on CG.
While most altcoins experienced similar volatility, they have stabilized on a daily scale. ETH, SOL, XRP, TON, DOGE, ADA, and AVAX have seen minor gains in the past 24 hours, while BNB, TRX, and SHIB are slightly in the red.
Among the larger-cap altcoins, UNI and IMX have emerged as the top performers, with UNI recording gains of around 4% and a staggering 20% surge since last Friday.
However, the total crypto market cap has slightly declined since yesterday and now stands at $2.220 trillion.