Bitcoin quickly shrugged off the immediate losses prompted by the Democratic sweep in the midterms and skyrocketed to a weekly high of $81,000, where it was finally halted.
Most altcoins followed suit, with ETH reclaiming $2,400 and XRP surging past $1.30. Interestingly, HYPE, TRX, XMR, and RAIN have failed to join the ride.
BTC Above $80K
The primary cryptocurrency tanked hard at the end of the previous business week following the largest hack in the crypto industry in USD terms. It traded at around $81,000 before the bears drove it south to $76,400 first and then to $76,100. The bulls finally intervened after this major leg down, helping BTC recover some ground over the weekend to around $78,000.
Monday morning began with another minor rally to $79,000, where the bears reemerged again and rejected bitcoin’s mild progress. Shortly after, the asset dipped to $76,400. As the midterms approached, the cryptocurrency regained some traction and tapped $78,000 again.
However, the clear and decisive victory for the Democrats resulted in a massive nosedive for BTC, which tumbled to a seven-week low of $75,600. Once the uncertainty faded, though, bitcoin rallied hard and jumped to $78,000 almost immediately. It flew further when US trading hours began yesterday, and rocketed to $81,000, leaving $380 million in shorts liquidated in just an hour.
Although it was stopped there, BTC continues to trade above $80,000 as of press time. Its market capitalization has rebounded to $1.610 trillion on CMC, while its dominance over the alts is above 60% again.
TRUMP Tanks (Again)
Perhaps as expected given the election results, the official meme coin linked to the US President was among the poorest performers yesterday, dumping to a 3-month low. The situation hasn’t improved much, as TRUMP is down by another 15% on a 24-hour scale today.
Meanwhile, Ethereum has risen past $2,400 after dipping to $2,100 after the midterms, while XRP has jumped to $1.32 as of press time. SOL is still under $100 despite its 3.7% daily increase. LINK, ADA, LTC, CRO, BCH, CC, and TAO are also well in the green.
In contrast, HYPE has slumped by nearly 4% to $83, while TRX, XMR, and RAIN are slightly in the red.
The total crypto market cap has increased by 2.3% in a day, and it’s up to $2.690 trillion on CMC.
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