After failing to break above $27,500, bitcoin has retraced once again and fallen below $27,000.
The altcoins have also dipped, with ETH close to breaking below $1,800 and BNB down to $310. Only XRP has seen a notable price increase.
Bitcoin drops below $27K
Last week, bitcoin’s price dropped to a two-month low of $25,800 on Friday, after recently surpassing $28,000 following the release of US CPI numbers for April. However, the weekend saw an improvement, with BTC regaining ground and trading around $27,000. On Monday, it spiked to over $27,600, but retraced by several hundred dollars, unable to continue upward due to low trading volumes.
In the past 24 hours, BTC has retraced again, falling below $27,000 for the second time this week and bringing its market cap down to $520 billion.
XRP bucks the trend
Most alternative coins have followed BTC’s performance on a daily basis, with both ETH and BNB down around 1% according to Marketcapof. This puts ETH just above $1,800 and BNB back to $310. Solana, Polygon, Shiba Inu, Avalanche, and Chainlink, all larger-cap altcoins, have seen declines in the past day. LTC and DOGE, on the other hand, have seen slight increases.
Ripple’s native token has seen the largest increase in the top 50 coins in response to positive developments in the company’s ongoing legal battle with the SEC.
The total crypto market cap has fallen by around $10 billion in the past day and is sitting at $1.120 trillion.