Bitcoin (BTC) is attempting a recovery toward the $83,000 mark following a sharp midweek fall to a multi-week low of $80,400, while NEAR Protocol (NEAR) leads altcoin gainers with a 24-hour surge exceeding 10%.
Bitcoin Attempts Recovery After Thursday Slump
The business week opened on a strong note for BTC, which climbed several thousand dollars on Monday morning to hit $87,000 for the first time since the previous Friday. However, sell orders quickly halted the rally and drove prices back to $85,000. Subsequent buyer momentum failed to clear resistance, causing BTC to drop below $84,000 on Tuesday before bulls relinquished control by Thursday.
During Thursday's sell-off, BTC crashed by nearly $7,000 in just days, bottoming out at $80,400. The digital asset later rebounded to $83,400 yesterday before consolidating just below $83,000. As documented on October 10, Bitcoin's market capitalization stands at $1.660 trillion on CoinMarketCap (CMC), with its market dominance jumping to 59.5% after Bitcoin plunged below $80.4K.
NEAR and ADA Outperform Broader Market
While several major tokens showed sluggish daily performance, NEAR Protocol outperformed larger-cap altcoins by rocketing over 10% to reach $5.25. Cardano (ADA) also mounted a strong rally, rising 7% to reclaim the $0.255 level. Other tokens including Polkadot (DOT), Worldcoin (WLD), Bitcoin Anywhere (BTW), and World Liberty Financial (WLF) posted notable daily gains.
In contrast, Ethereum (ETH) recovered slightly to near $2,500 after sliding to $2,400 during the market slump, though it remains far below its recent local peak of $2,800. Ripple (XRP) rebounded to $1.41 after hitting a low of $1.34. Binance Coin (BNB) stabilized at $750, while Dogecoin (DOGE) and Chainlink (LINK) recorded minor upticks. Meanwhile, Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) remained slightly in the red amid wider major altcoin retracements. The overall crypto market cap contracted by $200 billion from top to bottom before recovering to $2.8 trillion on CMC.
Key Market Takeaways
- Bitcoin (BTC) recovered to $83,400 after dropping to $80,400, bringing its market cap to $1.660 trillion and market dominance to 59.5%.
- NEAR Protocol (NEAR) rallied over 10% to $5.25, while Cardano (ADA) gained 7% to reach $0.255.
- Ethereum (ETH) trades near $2,500 after touching $2,400, while XRP sits at $1.41.
- Total cryptocurrency market capitalization stands at $2.8 trillion following a $200 billion peak-to-trough decline.
Why It Matters
Bitcoin's surge in market dominance to 59.5% demonstrates that capital continues to concentrate in BTC as broader market uncertainty lingers. Although layer-1 protocols such as NEAR and ADA staged sharp localized recoveries, Ethereum's inability to clear $2,500 indicates that altcoin market momentum remains fragile. Investors should monitor whether BTC can establish a steady base above $83,000 to determine if market liquidations have concluded.
