Bitcoin’s price experienced some volatility over the past 24 hours, including a rejection at $116,000 and a rebound from the $110,000 support.
Many altcoins have bounced following yesterday’s correction, led by a massive surge from an AI-related altcoin – ChainOpera AI’s COAI.
BTC Calms at $113K
Although Uptober began on the right foot with a surge to over $126,000, where BTC marked its latest all-time high, what followed was not widely anticipated. Recall the events that transpired last Friday after US President Donald Trump issued a tariff warning against China. In the span of just a few hours, bitcoin went from over $122,000, where it had settled following the record, all the way down to $101,000 on some exchanges.
This nosedive was mimicked by most altcoins and became a real bloodbath for over-leveraged traders. In fact, more than 1.6 million such market participants were wrecked, while the total value of liquidations on a 24-hour scale exceeded $19 billion – the highest ever recorded.
Bitcoin bounced immediately on Saturday morning and jumped past $110,000. It kept climbing in the following days and peaked at $116,000 on Tuesday morning. However, the bears were quick to intercept the move and pushed the cryptocurrency south to $110,000 later that day.
Nevertheless, BTC rebounded once again and now sits at around $113,000. Its market cap has increased to $2.250 trillion on CG, while its dominance over the alts is down to under 57%.
COAI on the Rise
The biggest gainer over the past 24 hours in the altcoin space is COAI. The asset has skyrocketed by triple digits (113% as of press time) and trades close to $16. ZEC, which stole the headlines in the past few weeks, is on the rise again today. An 18% surge has pushed it above $260. ASTER follows suit (11%) and TAO (10%) is next.
Most larger-cap alts are also in the green, which includes a 4.7% surge from ETH, 5% jump from SOL, and 3% increases from DOGE, TRX, ADA, XLM, and BCH. HYPE has jumped by over 5.5%, while XMR has added 7.5% of value.
The total crypto market cap has recovered roughly $100 billion since yesterday’s low and is up to $3.960 trillion on CG.
