Ripple (XRP) Soars 5% Daily, Bitcoin (BTC) Loses $28K (Market Watch)

After charting a three-week high at almost $28,500 yesterday, bitcoin started losing value rapidly and currently stands below $28,000.

Most altcoins are also calmer today following yesterday’s gains, aside from Ripple and Lido DAO.

BTC Slips Back Below $28K

The primary cryptocurrency had a relatively quiet week as its 7-day price range went into its lowest position in months. The most significant price drop came on Thursday when BTC dumped below $26,000 to chart a two-week low.

However, the bulls stepped up at this point and pushed asset north. As the weekend came, bitcoin had returned to familiar ground at around $27,000.

It pumped above that level on Sunday and kept rising on Monday morning when news broke that the US government had finally reached a deal on raising the debt limit. This resulted in a price jump to $28,500 for the first time since May 9.

However, BTC failed to continue the uptrend and retraced shortly after. As of now, the cryptocurrency struggles just below $28,000. Its market capitalization has declined to $540 billion, while its dominance over the alts sits calmly at 46.6%.

BTCUSD. Source: TradingView## XRP, LDO Jump 5%

Most altcoins also produced impressive price increases yesterday but failed to double down on a daily scale. Ethereum reclaimed $1,900 yesterday and stands above that level now, once again following a minor increase.

Binance Coin, Dogecoin, Tron, Polygon, Shiba Inu, and Avalanche are slightly in the red, while ADA, SOL, DOT, and LTC have charted insignificant gains.

Ripple is the only exception from the top 10 alts with a notable price increase. XRP is up by 5% daily and sits at $0.5.

Lido DAO’s native token has mimicked XRP’s increase, and the asset now trades above $2.2

The total crypto market cap has retraced by $15 billion since yesterday’s peak and is just shy of $1.160 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto