Bitcoin experienced further setbacks in the last 24 hours and marked a new low for the past two months before recovering by over $1,000.
Altcoins, on the other hand, showed a spike in prices, with LDO taking the forefront with a massive double-digit increase.
BTC’s Pump and Dump Continues
The biggest news of the past week was the announcement that inflation rates had slowed down in the US, far lower than the expected number. Bitcoin initially responded positively to the news and briefly spiked from $27,500 to nearly $28,500.
However, things changed quickly, and soon after, the cryptocurrency plummeted by over $1,000, experiencing more volatility in the opposite direction. Eventually, bitcoin settled at its starting point of $27,500.
But that did not last long since Thursday and Friday led to more pain for the bulls and culminated in a severe price drop to $25,800 late last night, ultimately hitting BTC’s lowest position in approximately two months.
The bulls eventually took control and pushed bitcoin upwards, pumping it to touch $27,000. However, it has not yet been able to regain that level and is currently hovering just below it. Its market capitalization has been close to $520 billion, but its dominance over the altcoins has slightly declined to 46.3%.
LDO Takes the Spotlight
Alternative coins also experienced a significant setback in the past few days, but most of them have now gone green. For example, ETH plummeted from $2,000 to $1,700, but a minor daily increase has pushed it up to around $1,800. Similarly, Binance Coin, Cardano, Dogecoin, Tron, Litecoin, Shiba Inu, and Avalanche have all charted similar daily gains.
Solana had the biggest jump among the larger-cap altcoins. SOL saw almost a 5% increase, putting it above $20. ARB, ApeCoin, and Near Protocol experienced similar increases in the past 24 hours.
Nonetheless, the day belongs to Lido DAO. LDO has soared by over 13% in the past 24 hours and currently trades around $1.9.
The total crypto market cap has increased by over $30 billion since yesterday’s low and reached $1.2 trillion.
