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$LTC, $HBAR, and $XMR Lead Recovery After Last Week's Turmoil

A few altcoins showcase an upward trajectory, providing a glimmer of recovery amidst recent market turmoil. 

Crypto Market Recovery Watch

The cryptocurrency market embarked on a new week with mixed trading sentiments as Bitcoin faced further downward pressure following a tumultuous previous week

Bitcoin is currently hovering just below $26,000. Its counterpart, Ethereum, managed to fall by around half-a-per cent, maintaining its position above the $1,670 level.

The past week dealt a significant blow to the cryptocurrency market, with Bitcoin recording its worst weekly decline since the FTX crash in November 2022. 

The crypto market began to slide following Reuters' report that China Evergrande had filed for bankruptcy protection in the United States. In addition, the Wall Street Journal reported that SpaceX allegedly sold approximately $373 million worth of Bitcoin. 

Moreover, as Grayscale and US regulators battled in the courts, the market's woes were amplified. With the upcoming week poised to bring macroeconomic cues into the limelight, traders and investors remained cautiously watchful.

However, the broader picture unveiled a diverse landscape, as altcoins showcased varied price actions. Amidst this backdrop of fluctuation, a few notable contenders emerged to lead the recovery - $LTC (Litecoin), $HBAR (Hedera), and $XMR (Monero).

The Altcoin Winners

Among the altcoins that witnessed gains on Monday, $LTC managed to surge ahead, leading the pack with its upward trajectory of 1% in the last 24 hours. $HBAR posted commendable gains of 0.78%, demonstrating resilience in the face of recent market turmoil. Further, $XMR and $TRX didn’t fall behind as they grew by 0.78%, 0.26% and 0.14.

Crypto market heat map (Source: Coin360)

Among lower market caps, $BLZ and $ALPINE recorded gains of up to 15% and 7.5%, respectively. In contrast, $RUNE and $SUI lost 9.5% and 7.5%, respectively. In meme coins, $BONE registered gains of 2.5%, while $PEPE fell by 4.5%.

The global cryptocurrency market cap remained relatively steady, falling to the $1.05 trillion mark, marking a decrease of 1.1% within the last 24 hours. Nonetheless, trading volumes experienced a notable rise, increasing by almost 4% to $24.39 billion.

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