Hi there! This is Raech. I'm an Outlook.com user like you and I'm sorry to hear about the issue you are having.
Based on your description, it looks like you've added an Outlook.com alias and in the process deleted the old Hotmail.com alias.
I wish I have good news, unfortunately, once an account alias has been removed or deleted, there is no way to reverse this process or recover the account. This was mentioned in the last section of the article below.
https://support.microsoft.com/help/12407/micros...
As you have indeed found out, this stops any incoming and outgoing emails as the address itself would no longer be available. Your account will continue to run, but will be under the new Outlook.com address moving forward. You will need to contact your associated websites and apps for options to change the registered email as there is nothing that can be done on the Microsoft side of things.
Please do note that this is a public community forum and none of us here work for Microsoft. We do not have any control over these policies or have access to any user's account.
Sincerely,
Raech C.