The cryptocurrency market is regaining some color, but not all assets benefit from the recovery at the same pace. On October 27, bitcoin returned to $80,000 after a hesitant session, while Zcash and MemeCore posted larger gains. This development comes before the US Federal Reserve’s decision on rates. Between investor caution, speculative movements and news specific to certain projects, the market presents contrasting trends.
In brief
- Bitcoin returned above $80,000 after a session marked by a resumption of purchases.
- Zcash rose 6.3% to $1,304, driven by several catalysts linked to its network.
- MemeCore dominates the increases with a gain of 12.3%, to $1.06.
- Hyperliquid, Pepe and NEAR are also benefiting from the rebound in the cryptocurrency market.
- The Fed’s decision and the maintenance of the $80,000 threshold could guide the next trend.
Bitcoin returns to $80,000 after a hesitant session
The price of bitcoin stood at around $80,880 as of 9:10 p.m. UTC on October 27, according to CoinMarketCap data. This recovery comes after several days of low activity, marked by sales at a loss from recent buyers. However, crossing the symbolic threshold is not enough to confirm a lasting change in trend. Investors remain cautious ahead of several deadlines likely to influence the next sessions.
The day began with another drop below $80,000. Buyers then regained control during the second part of the American session, allowing the market to rise again. Over 24 hours, BTC gained 1.2%, with an hourly increase of 0.28% at the end of the day. Despite this rebound, the asset still showed a decline of 2.52% over seven days.
Ether posted a stronger daily advance, gaining 1.8% to $2,350. However, it showed a weekly decline of 4.4%, higher than that of bitcoin over the same period. The report also highlights that large investors are taking a bearish stance for the first time since June. This development suggests that the current rebound is based more on cautious buying than on a general willingness to take more risks.
Zcash and MemeCore dominate crypto market gains
The best performances on October 27 were mainly concentrated among other cryptocurrencies. Here are the numbers from CoinMarketCap’s 24-hour earnings list Tuesday evening:
- MemeCore (M): +12.3% – $1.06;
- Zcash (ZEC): +6.3% – $1,304;
- Pepe (PEPE): +5.7% – $0.0000045;
- Stable: +5.1% – $0.027;
- NEAR Protocol (NEAR): +4.6% – $4.6;
- Bitcoin Cash (BCH): +4.4% – $291;
- Dash (DASH): +4.35% – $55;
- Hyperliquid (HYPE): +4.3% – $81;
- SPX6900 (SPX): +4.1% – $0.38.
These performances show that several assets have benefited from the return of buyers, but their gains remain very different. MemeCore clearly stands out, while the other tokens in the ranking record more moderate movements.
This distribution does not necessarily reflect a general rotation of capital towards altcoins. The increases observed remain relatively limited for the majority of assets and can be explained by factors specific to each project. The stabilization of bitcoin may also have encouraged some investors to resume positions in more volatile cryptocurrencies. However, the available data does not allow us to assert that capital is massively leaving the main cryptocurrencies.
Zcash benefits from several catalysts before an update
Zcash benefited from several favorable elements at the same time. The privacy-focused project is set to celebrate its tenth anniversary on October 28. Meanwhile, Grayscale’s Zcash ETF saw its largest weekly inflows since mid-September. These two elements accompanied the progression of the ZEC to 1,304 dollars, a daily increase of 6.3%.
The technical calendar also contributes to the attention paid to the network. The next update, called NU7, aims a deployment around November 5. It should reduce the target block time from 75 to 25 seconds. This announced modification constitutes another element to follow for investors, even if its direct effect on the price remains uncertain. The market thus combines news related to the project and position movements on derivative markets.
Open interest on ZEC exceeded $1.5 billion, while significant short positions existed at the start of the session. A rapid rise may push some sellers to repurchase their positions to limit their losses. These repurchases can then temporarily accentuate the increase in the price. However, when this demand disappears, the movement can quickly run out of steam. Dash, another cryptocurrency offering privacy options, gained 4.35% at the same time, despite a slight decline at the time of the statement.
Hyperliquid and meme tokens benefit from specific movements
Hyperliquid increased by 4.3%, to $81, in a context marked by a new possibility of access for certain American traders. Crypto.com opened perpetual futures contracts regulated by the CFTC to eligible US users. HYPE is among the five contracts offered at launch. This offer gives affected traders new access to perpetual contracts linked to the token, while the Hyperliquid platform remains inaccessible to these users.
The timing of this announcement corresponds to the rise in the market, without proving that it alone explains the progression of HYPE. The general rebound was also able to support its price. This distinction matters because many assets have moved based on their own news, rather than just following the trend of major cryptocurrencies. However, the available data do not make it possible to precisely measure the share of each factor.
MemeCore showed the largest movement, rising 12.3% to $1.06. Analysts attribute Its large variations are partly due to limited liquidity, which allows relatively small orders to strongly influence its price. Pepe and SPX6900 have a comparable profile, with rapid variations when the market stabilizes. Conversely, these assets may experience steeper declines if conditions deteriorate. Bitcoin Cash and NEAR rose 4.4% and 4.6%, respectively, with no major catalyst reported for this session.
Bitcoin awaits the Fed’s decision to confirm its rebound
The next important deadline concerns the US Federal Reserve, which is due to announce its decision on Wednesday October 28 at 6 p.m. UTC. The markets estimate the probability of rates remaining unchanged at around 90%. As this scenario seems widely anticipated, investors could mainly react to the central bank’s indications regarding its monetary policy in December. These comments could change expectations and influence risky assets.
Graphically, the $80,000 level remains central to following the evolution of bitcoin. The 23.6% Fibonacci retracement, located around $80,370, is just above this threshold. The 50-day moving average near $81,866 then represents a potential obstacle. Maintaining the price above $80,000 at the daily close would reinforce the strength of the rebound, without guaranteeing an immediate continuation of the rise.
Conversely, a return below this zone could weaken the recent gains of altcoins. Investors would then seek to determine whether the performance of Zcash, MemeCore and other tokens can withstand a further market decline. The session of October 27 mainly shows increases linked to specific catalysts and different liquidity conditions. Future reactions will therefore depend as much on economic announcements as on the ability of buyers to maintain their positions.
The Fed’s decision and its indications for December will give a new reading to the markets. If the price remains above $80,000, altcoins could retain some of their recent gains. On the other hand, a breach of this threshold would put their resistance to the test. Bitcoin thus remains an important benchmark for assessing the strength of this recovery, while Zcash and MemeCore will have to confirm their performance in the coming sessions.
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