HBAR is up 15% and XLM is up 10% as Bitcoin regains $70k.
The prices of Hedera and Stellar have increased by 15% and 10% respectively as altcoins. HBAR and XLM eye key levels, aided by Bitcoin's quick retracement to $70,000. Analysts warn prices could still fall after the latest rally.
HBAR and XLM are in double digits as cryptocurrencies look for a quick rebound following Thursday's heavy crash that saw more than $2.6 billion in leveraged positions fall.
Altcoins Bitcoin plunges to $60,000 amid bloodbath, leads rebound above $70,000
Hedera and Constellation's gains mirror sharp upswings for XRP, Flare, VeChain and Kaspa. Ethereum, which dropped to $1,700 on Thursday, was testing the resistance at $2,000.
HBAR and XLM price discovery
The Hedera token fell to $0.073 as major coins fell late Thursday, but buyers are currently hovering above $0.093 after seeing the $0.10 mark given this week.
The 65% trading volume (over $420 million), which is up more than 15% in the last 24 hours, shows strong buying following the recent dip.
Bulls look for year-to-date highs of $0.13, possibly if market sentiment improves.
Stellar, which has tracked XRP's gains in the past, also jumped on Friday.
The altcoin is up 10% at the time of writing.
XRP's 18% rise followed a drop to $1.13 when the price touched $1.52, pushing closely related XLM higher.
According to CoinMarketCap data, Stellar is trading at around $0.17, up significantly from the $0.13 low reached earlier in the day.
XLM was inching higher, with details indicating a 24-hour high of $426 million. Stellar bulls helped boost the daily volume by more than 56% during this period.
While sentiment remains buoyant in the upper fear range, analysts say a break to $0.20 could allow for fresh bullish momentum.
When cryptocurrencies are renewed, Bitcoin exceeds $70,000
Bitcoin (BTC) is leading the crypto sector's latest quest for a quick turnaround after a major crash.
BTC dropped $10,000 in 24 hours to $60,000 in the biggest one-day crash since the bulls were wiped out during the 2022 FTX crash.
As open interest widens, shorts are covering positions and pushing toward the critical $70,000 support level. Daily RSI also shows marked divergence.
CoinShares says that record ETP volumes, a pause in the whale sell-off, and BTC's price falling below miners' production costs are factors that have historically led to new stock formation “rather than starting a new leg lower.”
However, crypto analyst Rect Capital says bulls may have to take on bears yet.
As the cryptocurrency market rebounds from Thursday's crash, the analyst shares his BTC price forecast.
According to Rect Capital, a potential bearish momentum is possible after support relief is lifted, based on Bitcoin's historical chart patterns.
“History suggests there is a lot of downside ahead,” he said on X.
Bitcoin was trading around $71,190 at the time of writing.
