BTC rebounds above $60,000
It’s safe to say that Uptober has so far failed to deliver on its expected gains. Things were different earlier this week as BTC jumped above $64,400. However, this was short-lived and the asset began to lose value almost immediately.
By Wednesday, the price of Bitcoin had fallen to $62,000, but bears continued to apply pressure, pushing the price down further to $60,400 on Thursday morning. The situation worsened later that evening as the price of Bitcoin fell further to a multi-week low of $58,800. At the time, this violent correction reportedly resulted in daily liquidations of around $250 million.
Nonetheless, the bulls eventually took hold at this point and did not allow for any further correction. Quite the contrary, BTC has since recovered by nearly $2,000 and is currently trading at around $60,700.
Still, its weekly decline is over 1%, and its market cap has fallen below $1.2 trillion. Its dominance over other cryptocurrencies has also taken a hit, falling to 53.9% on CG.
The rise of UNI
Yesterday, most altcoins experienced similar volatility, but with calmer intraday action. ETH, SOL, XRP, TON, DOGE, ADA, and AVAX were slightly up over the past 24 hours, while BNB, TRX, and SHIB were slightly down.
UNI and IMX were the best performers among the large-cap stocks today, rising by around 4%. In the case of the former, its price rise was even more impressive, having risen by 20% since last Friday.
Nonetheless, the total cryptocurrency market capitalization has fallen slightly since yesterday, down to $2.220 trillion.
