Bitcoin’s recent volatility continued as it failed to break above $27,500 and subsequently retraced to fall below $27,000 once again. Altcoins also experienced minor declines, with Ethereum (ETH) nearing a break below $1,800 and Binance Coin (BNB) falling to $310. However, XRP was an exception with a notable price surge.
Last week saw Bitcoin’s price drop to a two-month low of $25,800 on Friday, only a few days after it had jumped above $28,000 following the release of US CPI numbers for April. However, the weekend brought more positive news, and BTC reclaimed some ground, stabilizing around $27,000. Its failure to continue upwards was attributed to low trading volumes, which eventually picked up on Monday, causing the asset to spike to over $27,600. Unfortunately, it retraced by several hundred dollars, and its market cap fell back to $520 billion.
Most alternative coins mimicked BTC’s daily performance, with ETH and BNB both down around 1%. Solana, Polygon, Shiba Inu, Avalanche, and Chainlink also experienced daily declines, while Litecoin (LTC) and Dogecoin (DOGE) were slightly in the green.
The only asset that experienced notable gains was XRP, following positive developments in Ripple’s legal battle against the SEC. As a result, the total crypto market cap has seen a $10 billion drop in a day and is now at $1.120 trillion.