- With the rise in altcoins, the prices of Hedera and Stellar rose by 15% and 10%, respectively.
- HBAR and XLM are eyeing key levels, helped by Bitcoin’s rapid rebound to $70,000.
- Analysts warn that prices could fall further even after the recent bailout rally.
HBAR and XLM are up double digits as cryptocurrencies look for a quick recovery following Thursday’s sharp selloff that wiped out over $2.6 billion in leveraged positions.
Altcoins are on the rise as Bitcoin, which crashed to $60,000 during the disaster, has rebounded to over $70,000 and led the recovery.
The rise in Hedera and Stellar mirrors the sharp rise in XRP, Flare, VeChain, and Kaspa. Ethereum, which fell to nearly $1,700 on Thursday, was testing the $2,000 resistance level.
HBAR and XLM price increase
Hedera tokens fell to a low of $0.073 late on Thursday as top coins collapsed, but are currently hovering above $0.093 as buyers focus on the $0.10 mark it gave up this week.
The rally of over 15% in the past 24 hours, amid a 65% surge in trading volume (over $420 million), indicates strong buying following recent declines.
Bulls will likely focus on the year-to-date high of $0.13 if market sentiment improves further.
Stellar, which has recorded a rise in XRP in the past, also soared on Friday.
The altcoin was up 10% at the time of writing, slightly off the 13% rise seen earlier in U.S. trading.
After the price plummeted to $1.13, XRP’s 18% surge as the price reached $1.52 pushed closely related XLM higher.
According to data from CoinMarketCap, Stellar was trading around $0.17, up sharply from the low of $0.13 hit earlier in the day.
XLM has been inching higher due to increased volume, and details show it has reached a 24-hour high of $426 million. Sterable helped boost daily trading volume by more than 56% during the period.
Although sentiment remains in extreme fear territory, analysts say a break above $0.20 could create new bullish momentum.
Bitcoin surpasses $70,000 due to cryptocurrency rebound
Bitcoin (BTC) is at the forefront of the crypto sector’s latest efforts to recover quickly after a sharp selloff.
The massive unwinding of leverage sent BTC down to $60,000, and the $10,000 drop in 24 hours was the largest single-day drop since the 2022 FTX crash, when the bears wiped out the bulls.
The rally was seen as open interest expanded, with shorts covering their positions and accelerating the rally to the important $70,000 support level. The daily RSI also shows a bullish divergence.
CoinShares says record ETP volumes, the suspension of whale sales, and BTC prices below miners’ production costs are factors that historically mark a new accumulation “rather than the beginning of a new decline.”
However, crypto analyst Recto Capital says the bulls may still need to confront the bears.
The analyst shared his prediction for BTC price as the cryptocurrency market recovers from Thursday’s crash.
According to Recto Capital, based on Bitcoin’s historical chart pattern, another bailout rally is likely followed by a potential bearish acceleration.
“If you look at history, it suggests there’s more downside to come,” he said of X.
At the time of writing, Bitcoin was trading at around $71,190.
