Bitcoin Recovers Toward $78,000 as Lighter's LIT Leads Altcoin Gains
Bitcoin traded near $78,000 on November 1, recovering part of the losses from the October 29 Binance hack, according to CoinGecko. Lighter's LIT token rose about 18% while most major altcoins moved by less than 2%, and analysts pointed to $76,000 to $77,000 as the key support zone.
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Bitcoin Holds Near $78,000
Bitcoin traded near $78,000 on Sunday, November 1, up about 1% over 24 hours, according to CoinGecko. Its intraday range was $77,303 to $78,134. Total cryptocurrency market capitalization stood near $2.68 trillion, up 0.7%, with Bitcoin accounting for roughly 58.4% of that figure.
The move follows a weak stretch. Bitcoin dropped toward a six-week low near $76,100 after the October 29 Binance hack, and earlier attempts to reclaim $80,000 had failed. The Federal Reserve's decision to leave rates unchanged offered little support. The price remains about 3.7% lower over seven days.
Binance Hack Aftermath and Recovery
Binance began reopening Bitcoin withdrawals on Sunday, followed by selected cryptocurrency and stablecoin networks. The exchange says it has replenished roughly 95% of affected assets and will cover the remaining losses from company resources. Figures for the size of the theft differ across sources: one account in circulation cites more than $6 billion stolen, with Binance saying roughly $3 billion had been frozen so far and that it is working with authorities. The sources reviewed for this report did not independently verify either number, so readers should treat the totals as the exchange's and third-party posts' claims rather than confirmed figures.
The October 30 sell-off pushed Ethereum below $2,200 and triggered more than $1.5 billion in liquidations, according to the same market data. Sunday's rebound has been uneven, with some assets recovering further than others.
Altcoin Divergence
Lighter (LIT) led larger tokens, trading near $3.19 after an 18% daily gain, with a 24-hour range of $2.69 to $3.20, volume above $100 million and market capitalization near $797 million. Ethereum traded around $2,269 (up 1.1%), BNB near $714, XRP near $1.25 and Solana near $95.43, with little daily movement in those four.
Smaller tokens moved far more. Dessa (DESSA) rose 68%, dKargo (DKA) gained 34% and Powerledger (POWR) rose 25%. On the downside, FUNToken (FUN) fell 29.1%, UnifAI Network (UAI) declined 22.3% and Cap (CAP) dropped 17.1%. These rankings cover the top 1,000 cryptocurrencies and update as 24-hour data refreshes.
Analyst Positioning
Crypto analyst Ali Martinez said in an October 31 post that the Binance hack had created fear across markets, which he viewed as a buying opportunity. He named five tokens he is accumulating: Injective (INJ), Sui (SUI), Midnight (NIGHT), Pudgy Penguins (PENGU) and Wayfinder (PROMPT). Analysts cited $76,000 to $77,000 as the important support area, with a sustained move above $80,000 requiring meaningful buying.
Why It Matters
For Traders
Bitcoin's position relative to the $76,000 to $77,000 support zone and the $80,000 resistance level will likely drive near-term direction, while thin-liquidity altcoin moves warrant caution on position sizing.
For Investors
The pace of Binance's withdrawal restoration and its promised reimbursement of remaining losses will shape confidence in centralized exchange custody over the coming months.
For Builders
The Binance incident reinforces the need for exchange-independent withdrawal and reconciliation tooling, and for monitoring stablecoin and network-specific withdrawal pauses in integrations.
This article is for information only and is not financial advice. Read the full disclaimer.
