On November 1, Bitcoin moved closer to the $78,000 mark, while Lighter (LIT) surged by approximately 18%. Several smaller cryptocurrencies also exhibited notable movements, despite a calm trading environment for the major altcoins.
Summary
- Bitcoin hovered near $78,000 on November 1, rebounding from losses incurred after the $6.3 billion Binance hack.
- Lighter (LIT) showed an impressive increase of about 18% to a price of $3.19, outperforming many major cryptocurrencies during Sunday trading.
- Data from CoinGecko highlighted Dessa, dKargo, and Powerledger as significant gainers, whereas FUNToken and UnifAI saw declines.
- Ethereum and BNB achieved slight gains, while Solana and XRP experienced minimal activity.
- Analyst Ali Martinez highlighted INJ, SUI, NIGHT, PENGU, and PROMPT as his top picks among altcoins following the recent decline.
According to CoinGecko, Bitcoin traded around $78,000 at the time of this writing, reflecting a roughly 1% increase over the past 24 hours. Its price fluctuated between $77,303 and $78,134 during this timeframe, regaining ground after last week’s downturn.
The cumulative market capitalization for cryptocurrencies reached approximately $2.68 trillion, with a 0.7% increase noted, and Bitcoin holding about 58.4% of the total market share.
Bitcoin nears $78,000 following Binance hack repercussions
Bitcoin has been on a recovery path over the weekend following the October 29 hack of Binance, which had driven the cryptocurrency down to a six-week low near $76,100.
This selling came after an already challenging week for BTC. Previous efforts to rise above $80,000 had not succeeded, and the Federal Reserve’s choice to maintain interest rates had minimal impact on the market.
As noted in crypto.news on October 30, Bitcoin briefly dipped below $77,000 due to the security breach, raising concerns about liquidity and the safety of client funds.
Market experts marked $76,000–$77,000 as a key area of support, asserting that a sustained recovery above $80,000 will necessitate continued buying pressure.
The latest data from CoinGecko indicates Bitcoin is currently above that support range, though it’s still down approximately 3.7% over the past week.
Binance resumed Bitcoin withdrawals on Sunday, gradually reactivating several cryptocurrency and stablecoin networks.
The exchange reported that it has restored about 95% of the affected assets and plans to cover any remaining losses using company funds.
LIT surges 18% as major altcoins show minimal changes
Lighter emerged as a standout performer among larger altcoins, trading at approximately $3.19 after an 18% daily increase.
The token fluctuated between $2.69 and $3.20 in the past 24 hours, with trading volume surpassing $100 million, placing its market capitalization around $797 million.
Ethereum remained near $2,269 with a gain of 1.1%. BNB rose toward $714, while XRP traded around $1.25.
Solana showed little movement, remaining close to $95.43. These small fluctuations starkly contrasted with the significant price changes observed among several lesser-known tokens.
The market sell-off from October 30 pushed Ethereum below $2,200 and resulted in over $1.5 billion in cryptocurrency liquidations.
The recovery experienced on Sunday has thus been uneven, with some assets showing marked gains while others continue to trade below their previous levels.
CoinGecko highlights today’s notable crypto movers
Apart from LIT, CoinGecko’s rankings of gainers and losers revealed significant activity among lower-tier cryptocurrencies.
Dessa (DESSA) saw a 68% increase, reaching $0.02654, while dKargo (DKA) rose 34% to $0.003346. Powerledger (POWR) increased by 25% to $0.07055.
Gravity (G) gained 22.6%, and Prom (PROM) enjoyed a 13% boost to $5.80. Well-known tokens like LayerZero (ZRO) and Morpho (MORPHO) each saw gains of about 9.3%.
However, losses were also present. FUNToken (FUN) decreased by 29.1%, while UnifAI Network (UAI) dropped 22.3%. Cap (CAP) fell by 17.1%, with MemeCore (M) down 11.6%.
Plasma (XPL) traded around $0.07380, experiencing an 8.1% drop, reflecting ongoing struggles among tokens that faced challenges over the weekend.
This ranking encompasses the top 1,000 cryptocurrencies and may shift as price changes in a 24-hour window are updated.
Analyst Ali Martinez identifies five altcoins post-market decline
As Bitcoin seeks a recovery, crypto analyst Ali Martinez has singled out five altcoins he plans to accumulate following the market downturn.
In a post from October 31, Martinez noted that the Binance hack had instilled fear throughout the cryptocurrency realm, which he perceives as an opportunity to buy.
His selections include Injective (INJ), Sui (SUI), Midnight (NIGHT), Pudgy Penguins (PENGU), and Wayfinder (PROMPT).
For INJ, he suggested monitoring the $6 mark, which could potentially rise to $18 if the support holds firm.
SUI’s support was indicated around $0.80, with $1.30 as a possible neckline target, and $2 if a breakout occurs.
Regarding NIGHT, the analyst pointed out a golden cross on the three-day chart, suggesting a potential recovery up to $0.070.
Martinez sees $0.011 as a breakout level for PENGU, whereas the weekly TD Sequential reading for PROMPT led him to keep an eye on $0.028.
Disclosure: This article does not constitute investment advice. The content and materials featured are intended solely for educational purposes.