After experiencing a significant decline caused by the largest hack attack ever against a digital asset company, Bitcoin bulls are now struggling to regain some of their value, with BTC trading above $95,000.
The Bybit incident, in which approximately $1.5 billion worth of Ethereum (ETH) was stolen, had a significant impact on the market, but it was not 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 dismal Monday that saw its value drop to $95,500, reaching $93,500 on Tuesday – its lowest level in over two weeks. However, a turnaround occurred as bulls stepped in, preventing further declines and leading the price of Bitcoin to recover, reaching a recent peak of $99,500. This surge was partly driven by positive news from Coinbase regarding its litigation with the SEC.
While the altcoin market has remained relatively stable, Ethereum has seen a notable 4% gain over the past 7 days, standing out even in the face of the adversities 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 cap of $1.91 trillion, with its market dominance decreasing to 57.5% over other cryptocurrencies. This reflects the changing perceptions and increasing diversification of investments within the crypto ecosystem.