Bitcoin Reclaims $80K as TRUMP Token Drops 15%

BitcoinBTC+1.62% Reclaims $80K After Election Volatility

Bitcoin quickly recovered from its initial losses following the US midterm election results. The primary cryptocurrency surged to a weekly high of $81,000 before momentum slowed down.

As of writing, Bitcoin continues to trade steadily above the $80,000 mark. However, traders should note that digital asset prices remain subject to rapid short-term market volatility.

Tracing the Rollercoaster: How Bitcoin Reached $80,000

The market faced heavy pressure late last business week. This initial sell-off followed the largest USD-denominated hack in cryptocurrency history.

Bitcoin was trading near $81,000 before sellers took control. Prices dropped first to $76,400, then hit a lower point at $76,100.

Buyers stepped in over the weekend to steady the market. This effort helped Bitcoin recover back toward the $78,000 level.

Monday morning brought another minor rally attempt to $79,000. Sellers quickly rejected the move, driving the price back down to $76,400.

As midterm election results neared, Bitcoin climbed back to $78,000. However, clear Democratic wins caused a sharp drop to a seven-week low of $75,600.

Once election uncertainty cleared, the market reversed direction rapidly. Bitcoin rebounded back to $78,000 almost immediately.

US Trading Hours Trigger $380M Short Liquidation

Buying activity accelerated when US trading hours opened yesterday. Bitcoin rocketed directly to the $81,000 price level.

This rapid upward movement caught bearish traders unprepared. Derivatives exchanges processed $380 million in liquidated short positions within just one hour.

Bitcoin's market capitalization has now recovered to $1.610 trillion according to CoinMarketCap. Meanwhile, Bitcoin's market dominance over altcoins returned above 60%.

Please note that past performance of digital assets is not an indicator of future results. You can track ongoing market metrics on Bitkub Market.

Official Trump (TRUMP) Token Drops 15%

While Bitcoin recovered strongly, the official Trump (TRUMP) token experienced steep decline following election news. The token dumped to a three-month low yesterday.

The downward trend continued into today's trading session. TRUMP dropped by another 15% over the past 24-hour period.

Altcoin Overview: ETH and XRP Gain Ground

Most major altcoins followed Bitcoin's lead, though performance varied across individual digital assets.

EthereumETH+3.30% dipped to $2,100 after the midterms before rallying. It has since climbed back above the $2,400 threshold.

XRP saw strong buying interest as well. The asset pushed past $1.30 to reach $1.32 as of press time.

SolanaSOL+2.72% remains trading under $100. Still, it logged a 3.7% daily increase.

Tokens Trading in the Green

• Chainlink (LINK) recorded positive daily movement.
• CardanoADA+2.70% joined the broader market bounce.
• Litecoin (LTC) and Bitcoin Cash (BCHBCH+3.87%) traded well in positive territory.
• Cronos (CRO), CC, and Bittensor (TAO) also posted steady gains.

Assets Missing the Market Rally

Not every cryptocurrency participated in the market recovery. A few projects faced selling pressure during the session.

• HYPE fell nearly 4% to trade near $83.
• TRON (TRX) slipped slightly into negative territory.
• Monero (XMR) recorded minor losses.
• RAIN failed to join the general market rebound.

Total Crypto Market Capitalization Rises 2.3%

Despite mixed results among altcoins, the overall cryptocurrency market expanded over the last 24 hours.

Total market capitalization increased by 2.3% in a day. The combined value reached $2.690 trillion on CoinMarketCap according to November 5 data.

Investors should continue monitoring macroeconomic conditions and political updates, as market swings can happen quickly.