After hitting a three-week high of nearly $28,500 yesterday, Bitcoin has rapidly depreciated and is currently below $28,000.
With the exception of Ripple and Lido DAO, most altcoins are also calmer today after yesterday’s gains.
BTC slides back below $28,000
The major cryptocurrency had a relatively quiet week as its 7-day price range hit the lowest level in months. The sharpest drop in price came on Thursday, when BTC fell below $26,000 to hit a two-week low.
At this point, however, the bulls rallied, propelling assets higher. By the time the weekend rolled around, Bitcoin had returned to normal at around $27,000.
It surged above that level on Sunday and continued to climb Monday morning on news that the US government had finally reached an agreement to raise the debt limit. This caused the price to surge to $28,500 for the first time since May 9.
However, BTC failed to continue the uptrend and rallied shortly after. The cryptocurrency is currently just under $28,000. Its market cap is down to $540 billion while its dominance over altcoins sits quietly at 46.6%.
BTCUSD. Source: TradingView
XRP, LDO jump 5%
Most altcoins also posted impressive price gains yesterday, but failed to double on a daily basis. Ethereum reclaimed $1,900 yesterday and is now above this level, again after a slight rise.
Binance Coin, Dogecoin, Tron, Polygon, Shiba Inu, and Avalanche are all slightly down, while ADA, SOL, DOT, and LTC saw insignificant gains.
Ripple is the only exception among the top 10 alternatives with a notable price increase. XRP is up 5% daily and stands at $0.5.
Lido DAO’s native token has mimicked XRP’s surge and the asset is now trading above $2.2
The total crypto market cap is down $15 billion from yesterday’s peak and stands at just under $1.160 trillion.
Overview of the cryptocurrency market. Source: Quantify Crypto
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