Crypto Market Rebounds as Major Assets Post Broad Gains
Digital assets gained across the board on Wednesday, supported by slight easing in oil prices and bond yields.
Bitcoin recovered to trade near $84,500, rising 2.5% over a 24-hour period, as the wider cryptocurrency market capitalization reached approximately $2.82 trillion. The bounce follows a mid-October downturn that briefly pulled Bitcoin below the $80,000 mark.
Major altcoins followed the upward move. Ethereum advanced 2.5% to $2,504, while Solana and BNB added 2.2% and 2% to trade at $108.18 and $749, respectively. XRP led large-cap tokens with a 4.1% increase to $1.37, while Zcash jumped 11.2% to $1,332. The Crypto Fear & Greed Index rose to 55, indicating neutral sentiment among participants.
Macroeconomic pressures that contributed to October's earlier weakness softened slightly on Wednesday. Brent crude stood near $108 per barrel amid ongoing geopolitical tensions, while 10-year U.S. Treasury yields retreated from 5.09%. Elevated inflation and bond yields have recently pressured risk assets by raising borrowing costs and increasing the appeal of government bonds.
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