The crypto market is showing signs of recovery, though at a slower pace than in previous days. After four consecutive days of gains, the market has only managed to reclaim two-thirds of the losses from the previous Wednesday and Thursday. The total market capitalization now stands at $2.83 trillion, up 1.1% from the previous day but still 3.5% lower than a week ago. The current level is approaching a support zone that held firm at the end of September, indicating cautious optimism among investors.
Among altcoins, a positive trend has been observed over the last 24 hours, with a 12:1 ratio of rising to falling coins. The top performers were Filecoin (+13.2%), Internet Computer (+12.8%), and NEAR Protocol (+11%). On the other hand, Cosmos (−3.5%), Theta Network (−1.9%), and Immutable (−1.5%) saw declines.
Bitcoin is starting the week near $84,000, moving away from the 50-day moving average it touched on Thursday. The current price exceeds the previous support zone, suggesting that resistance may materialize near $87,000. A sustained move above this level could pave the way to $94,000, a target discussed since mid-last month. The bullish reversal at the end of last week, though not large in magnitude, showed that buyers are keen to step in during dips.
Spot Bitcoin ETFs saw net outflows of $681.1 million over the week, the highest since the end of June. US spot Ethereum ETFs continued to see outflows for the second week in a row, amounting to $542.1 million, the highest since January. TD Cowen raised its Bitcoin forecasts but warned of risks for Strategy shareholders due to new securities and financial obligations. Mining company MARA transferred 996 BTC to Galaxy Digital addresses after previously selling part of its holdings.
Ethereum lead developer Justin Drake urged the crypto market to go into ‘bunker mode’ due to the risk of crypto wallets being hacked as AI capabilities advance. He believes this could happen within months, not years, as previously expected. Glassnode estimated that 21% of the total Bitcoin supply is vulnerable to such an attack.