Bitcoin Prices Drop to Two-Month Low

Bitcoin Prices Drop to Two-Month Low

The past 24 hours have seen Bitcoin drop to a new two-month low before recovering by over $1000. This is in contrast to altcoins, which have seen gains in the same period. LDO is the top performer with a double-digit price surge.

Inflation Rates Slow Down

The US CPI numbers for April revealed that inflation rates had slowed down and were lower than expected. Initially, Bitcoin reacted positively to the news by spiking from $27,500 to almost $28,500 in minutes. However, the cryptocurrency plummeted by over $1000 shortly afterward.

Bitcoin Suffers Further

The bulls have had a difficult time with Bitcoin prices plunging to $25,800 late on Thursday and Friday. This was the lowest point for BTC in approximately two months. However, the bulls finally stepped up and pushed Bitcoin north, and it pumped to touch $27,000.

Alternative Coins Recovered

While the past few days were challenging for alternative coins, most have turned green. ETH, for example, went from $2,000 to $1,700, but a minor daily increase has pushed it back up to $1,800. Other alternative coins, such as Binance Coin, Cardano, Dogecoin, Tron, Litecoin, Shiba Inu, and Avalanche, have charted similar daily gains.

Solana has been the most significant gainer among the large-cap alts, with SOL up by roughly 5% and sitting above $20. ARB, ApeCoin, and Near Protocol have also added similar percentages in the past 24 hours. Lido DAO has had the best day with a 13% surge on a daily scale and trades at around $1.9.

Despite this, Bitcoin’s market cap has neared $520 billion. Its dominance over the altcoins is slightly lower at 46.3%. The total crypto market cap has added over $30 billion since yesterday’s low and is at $1.2 trillion now.


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