Bitcoin’s price took a sudden downturn, slipping below $28,000 after reaching a three-week high of nearly $28,500. This marked a significant drop for the primary cryptocurrency, causing a stir in the market. Despite this, some altcoins managed to hold their ground and even experienced notable gains, with Ripple (XRP) and Lido DAO (LDO) leading the pack.
BTC Slips Back Below $28K
Bitcoin Struggles Below $28K Bitcoin had a relatively uneventful week, with its price range hitting its lowest point in months. However, a major price drop occurred on Thursday when BTC dipped below $26,000, hitting a two-week low. Yet, the market quickly rebounded as bulls entered the scene, pushing the asset back up to around $27,000 by the weekend.
On Sunday, Bitcoin surged above $27,000, and the momentum continued on Monday morning. News broke that the US government had reached a deal to raise the debt limit, resulting in a price spike to $28,500—the highest since May 9. Unfortunately, Bitcoin failed to sustain this upward trend and retraced shortly after. As of now, the cryptocurrency is struggling just below the $28,000 mark. Its market capitalization has declined to $540 billion, while its dominance over other altcoins remains steady at 46.6%.
XRP, LDO Jump 5%
XRP and LDO Show Resilience with 5% Gains Although most altcoins experienced impressive price increases recently, they failed to maintain the same level of growth on a daily scale. Ethereum managed to reclaim the $1,900 mark and currently hovers above it after a minor increase.
Several altcoins, including Binance Coin, Dogecoin, Tron, Polygon, Shiba Inu, and Avalanche, are slightly in the red, while ADA, SOL, DOT, and LTC recorded insignificant gains. However, Ripple (XRP) stands out as the exception among the top 10 altcoins, showcasing a notable 5% daily price increase and reaching $0.5.
Lido DAO’s native token, LDO, mirrored XRP’s surge and now trades above $2.2. The market capitalization of the entire crypto market has retraced by $15 billion since yesterday’s peak, settling just below $1.160 trillion.
Overall, while Bitcoin faced a temporary setback, some altcoins, notably Ripple (XRP) and Lido DAO (LDO), showcased resilience and experienced significant gains. The crypto market remains dynamic, and investors closely monitor price movements as they navigate through this ever-evolving landscape.
