The US midterm elections expectedly brought a new wave of fluctuations for bitcoin, whose price dumped to a new seven-week low before it rebounded by almost $3,000.

With the political uncertainty now out of the way, most altcoins have turned green, led by ZEC’s major breakout above $1,300. XRP, ETH, and HYPE are also in the green, and so is NEAR.

BTC Reclaims $78K

The previous business week also ended with a massively volatile trading session prompted by the largest hack in terms of USD value in crypto history against Binance. As reports started to emerge on Friday morning that the leading exchange was compromised for an unprecedented $6.3 billion, BTC’s price dived from $81,000 to a multi-week low of $76,400.

Its initial bounce failed, and the asset quickly dipped to $76,100. It finally rebounded slightly over the weekend, and even neared $79,000 on Monday morning. However, the predominantly bearish market sentiment returned, and BTC slipped to $76,500 on Tuesday morning.

More volatility ensued after the US midterm elections, in which the Democrats won convincingly. Bitcoin’s initial reaction was a nosedive to a seven-week low of $75,600 before the bulls stepped up and pushed it to $78,500 as of now.

Its market cap has rebounded to $1.570 trillion on CMC, while its dominance over the alts continues to flirt with 60%.

BTCUSD on November 4. Source: TradingView Alts Turn Green

Ethereum has jumped past $2,300 after a 2.6% daily increase. XRP has challenged the $1.30 resistance following a 3% increase, while a similar pump from HYPE has pushed it to almost $87. BNB, SOL, XMR, DOGE, and ADA are also slightly in the green, while ZEC has stolen the show with a massive 14% surge to well over $1,300.

NEAR has reclaimed the $4.00 level after a 7% increase, while ENA, PUMP, ONDO, MORPHO, and PEPE have jumped by up to 8%. BTW has rocketed by 24% daily.

The cumulative market cap of all crypto assets has risen by 2% in a day to $2.630 trillion on CMC.

Cryptocurrency Market Overview November 4. Source: QuantifyCrypto

 

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