Bitcoin (BTC) experienced a volatile trading session following the U.S. midterm elections, initially dropping to a seven-week low before rebounding to reclaim the $78,000 level. The leading cryptocurrency had already been under pressure from a major security breach at Binance, the largest hack in USD value in crypto history, which saw $6.3 billion compromised.
Bitcoin's Wild Swing
After the Binance hack reports emerged on Friday morning, BTC plunged from $81,000 to a multi-week low of $76,400. A subsequent bounce failed, and the price dipped to $76,100 before recovering slightly over the weekend, nearing $79,000 on Monday morning. However, bearish sentiment returned, pushing BTC down to $76,500 on Tuesday morning.
The midterm elections, in which Democrats won convincingly, triggered another wave of volatility. Bitcoin initially nosedived to a seven-week low of $75,600, but bulls stepped in and drove the price up to $78,500 as of the latest update. The asset's market capitalization has rebounded to $1.570 trillion, and its dominance over altcoins is hovering near 60%.
Altcoins Turn Green
Most altcoins have turned positive, with Zcash (ZEC) stealing the spotlight. ZEC surged by 14% to well over $1,300, marking a major breakout. Ethereum (ETH) jumped past $2,300 after a 2.6% daily increase, while XRP challenged the $1.30 resistance with a 3% gain. HYPE also pumped nearly 3% to almost $87.
Other notable gainers include NEAR, which reclaimed the $4.00 level after a 7% increase, and ENA, PUMP, ONDO, MORPHO, and PEPE, which rose by up to 8%. BTW skyrocketed by 24% daily. BNB, SOL, XMR, DOGE, and ADA are also slightly in the green.
The cumulative market capitalization of all crypto assets has risen by 2% in a day to $2.630 trillion.
