Bitcoin has experienced a drop of over $1,000 in the past 24 hours, reaching its lowest price in about a week today. The altcoins have also seen declines, with LDO dropping the most at over 6%.
Bitcoin Falls Below $27K
Market conditions were unfavorable last week, culminating on Friday with BTC dropping to a two-month low of $25,800. However, the asset bounced back over the weekend and spent most of it around $27,000.
Monday began positively, with BTC rising to $27,600. It failed to hold there and quickly lost all daily gains. Another rise came on Wednesday, but the bears stopped it once again, and BTC was unable to surpass $27,500.
The subsequent rejection was more intense than the previous one, causing bitcoin to drop a thousand dollars, plunging to a weekly low of $26,400. Despite having regained several hundred dollars since then, bitcoin still trades below $27,000 and is down 2% on the day.
As a result, its market capitalization has dropped back down to $520 billion, while its dominance over the altcoins remains at 46.3%.
XRP Bucks Market Trends
Most altcoins have also seen minor daily declines. Ethereum, for example, has dropped by around 1% and is close to falling below $1,800 again, while Binance Coin is back under $310 after a similar daily decline.
Cardano, Solana, Litecoin, Polkadot, Shiba Inu, and Avalanche have all seen drops of around 1-2%. Other altcoins that have experienced daily losses include Chainlink, ATOM, and TONCOIN, all of which are down by around 3%.
Lido DAO’s native token experienced the largest drop from the larger-cap altcoins, nosediving by 6%. Nevertheless, LDO is still trading above $2.1.
Ripple is the only top 10 altcoin with a minor daily increase. XRP, perhaps fueled by the favorable developments around the blockchain company’s legal case against the SEC, is up by around 3% and trades above $0.45.
The total crypto market cap has erased yesterday’s gains, taking it down to $1.120 trillion.