BTC Price Recovers From Sub-$59K Dip, UNI Skyrockets 20% Weekly (Market Watch)

3 weeks ago 29

Bitcoin’s price tumbled once again late last night but the asset has managed to recover most losses and now stands well above $60,000.

Most altcoins are slightly in the green on a daily scale, with XRP climbing by 2%, while BNB has dropped by the same percentage.

BTC Bounces Above $60K

It’s safe to say that Uptober has failed to deliver the expected gains so far. The situation looked different at the start of the current business week as BTC jumped to over $64,400. However, that was short-lived, and the asset started losing value almost immediately.

It had dropped to $62,000 by Wednesday, but the bears kept the pressure mounting, and it further fell to $60,400 on Thursday morning. The landscape worsened in the evening when bitcoin slumped by a few more grand to a multi-week low of $58,800. As reported, this violent retracement caused roughly $250 million in liquidations on a daily scale at the time.

Nevertheless, the bulls finally stepped up at this point and didn’t allow any further corrections. Just the opposite, BTC has recovered almost $2,000 since then and now trades around $60,700.

Still, it’s down by over 1% on a weekly scale, which has pushed its market cap to just under $1.2 trillion. Its dominance over the alts has also taken a hit and is down to 53.9% on CG.

Bitcoin/Price/Chart 11.10.2024. Source: TradingView

UNI on the Rise

Most altcoins experienced similar volatility yesterday but have calmed on a daily scale. ETH, SOL, XRP, TON, DOGE, ADA, and AVAX have charted some minor gains over the past 24 hours, while BNB, TRX, and SHIB are slightly in the red.

UNI and IMX have popped as today’s top performers from the larger-cap alts, with gains of around 4%. In the case of the former, the price surges have only intensified as it is up by 20% since this time last Friday.

Nevertheless, the total crypto market cap has declined slightly since yesterday and is down to $2.220 trillion.