Altcoin Surge Amid Bitcoin Recovery
HBAR and XLM are up double digits as cryptocurrencies look for a swift rebound following Thursday’s steep crash that saw over $2.6 billion in leveraged positions wiped out.
The altcoins are up as Bitcoin, which crashed to $60,000 amid the bloodbath, leads the recovery with a rebound to above $70,000.
Gains for Hedera and Stellar mirror the sharp upticks for XRP, Flare, VeChain, and Kaspa. Ethereum, which dipped to near $1,700 on Thursday, was testing the resistance at $2,000.
Key Points from the Surge
- Hedera and Stellar prices are up by 15% and 10% respectively as altcoin surge.
- HBAR and XLM eye key levels, helped by Bitcoin’s swift rebound to $70,000.
- Analysts warn that prices may yet dip after the latest relief rally.
HBAR and XLM Price Gains
Hedera’s token dropped to lows of $0.073 as top coins crashed late Thursday, but currently hovers above $0.093 as buyers eye the $0.10 mark given up this week.
An uptick of over 15% in the past 24 hours amid a 65% surge in trading volume (to over $420 million) signals the strong buying that follows the latest dip.
Bulls will eye year-to-date highs of $0.13, likely if market sentiment improves further.
Stellar, which has tracked gains by XRP in the past, also jumped on Friday.
The altcoin was up 10% at the time of writing, slightly off the mark seen with a 13% uptick during early US trading hours.
XRP’s 18% spike as prices touched $1.52 following a dump to $1.13 pulled the closely related XLM higher.
CoinMarketCap data showed Stellar traded around $0.17, sharply up from the lows of $0.13 reached earlier in the day.
XLM was inching higher on increased volume, which details indicate stood at a 24-hour high of $426 million. Stellar bulls had helped push the daily volume up by more than 56% over this period.
While sentiment remains well within the extreme fear territory, analysts say a break to $0.20 could allow for fresh bullish momentum.
Bitcoin Tops $70,000 as Cryptocurrencies Rebound
Bitcoin (BTC) is spearheading the crypto sector’s latest quest for a swift turnaround following a sharp crash.
The huge leverage unwinding saw BTC fall to $60,000, with a $10,000 drop in 24 hours marking the biggest one-day rout since bears annihilated bulls during the FTX crash in 2022.
Gains have come as open interest expands, with shorts covering positions and fueling the climb to the critical $70,000 support level. Daily RSI also shows a bullish divergence.
Bitcoin traded around $71,190 at the time of writing.
record ETP volumes, pause in whale selling, and BTC price moving below miners’ production costs are factors that have historically marked fresh accumulation “rather than the start of a new leg lower.”
History suggests there’s more downside to come.
