After experiencing a significant drop caused by the largest hack attack on a digital asset company, Bitcoin bulls are now facing challenges in recovering their value. Currently, BTC is trading above $95,000.
The incident involving Bybit, where around $1.5 billion worth of Ethereum (ETH) was stolen, had a notable impact on the market. However, it was not substantial enough to keep BTC in a prolonged bear market.
As of now, the leading digital currency seems to have found stability after a weekend of sideways trading and a disappointing Monday that saw its value plummet to $95,500, reaching its lowest level in over two weeks at $93,500 on Tuesday. However, a reversal occurred as bulls intervened, preventing further declines and leading the price of Bitcoin to recover. It recently reached a peak of $99,500. This surge was partly driven by positive news from Coinbase regarding its legal dispute with the SEC.
While the altcoin market has remained relatively stable, Ethereum has experienced a noticeable 4% gain over the past seven days. This stands out, despite the challenges linked to the hack. This increase can be seen as a direct response to market dynamics and investor confidence in the Ethereum network’s ability to recover.
Currently, Bitcoin has a market capitalization of $1.91 trillion, with its market dominance decreasing to 57.5% compared to other cryptocurrencies. This reflects the changing perceptions and increasing diversification of investments within the crypto ecosystem.