After failing to continue upwards and getting stopped at $27,500, bitcoin has retraced once again and slipped below $27,000.
The altcoins are also slightly in the red today, with ETH close to breaking below $1,800 and BNB down to $310. XRP is the only exception with a notable price jump.
Last week’s volatility culminated with a price drop for bitcoin to a two-month low of $25,800 on Friday. That came just a few days after the asset had jumped above $28,000 after the US CPI numbers for April came out.
However, the weekend was a lot more positive as BTC had reclaimed some ground and stood around $27,000. It failed to make another move upwards due to the lower trading volumes, but this finally came on Monday.
This is when the asset spiked to over $27,600. As the bulls were preparing for another leg-up, though, the situation changed, and the cryptocurrency retraced by several hundred dollars.
Its inability to keep climbing resulted in another minor retracement in the past 24 hours that brought it down below $27,000 for the second time this week. As such, its market cap has slipped back down to $520 billion.
BTCUSD. Source: TradingView
Most alternative coins have mimicked BTC’s performance on a daily scale. Both ETH and BNB are down by around 1%, meaning that the former is just inches above $1,800, while the latter is back down to $310.
More daily declines are evident from Solana, Polygon, Shiba Inu, Avalanche, and Chainlink from the larger-cap alts. In contrast, LTC and DOGE are slightly in the green.
Ripple’s native token has jumped the most from the top 50 following the latest positive development in the company’s legal battle against the SEC.
Overall, the total crypto market cap has seen around $10 billion gone in a day and is down to $1.120 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post XRP Rises 6% Following Latest SEC-Ripple Development, BTC Slips Below $27K (Market Watch) appeared first on CryptoPotato.
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