XRP defies market sentiment with 3% surge, BTC drops below $27K (Market Watch)

Bitcoin has fallen heavily in the past 24 hours and hit its lowest price recorded almost a week ago today.

Altcoins are also slightly red now with LDO dumping the most (over 6%).

Bitcoin Slips Below $27K

Last week’s bearish market conditions came to an end on Friday when BTC fell to a two-month low of $25,800. However, the asset boomed during the weekend and most of it was spent for around $27,000.

Monday started off on a more positive note as BTC jumped to $27,600. However, it failed there and quickly lost all daily gains. Another surge followed on Wednesday, but the bears once again halted the move and BTC was unable to challenge $27,500.

The subsequent rejection was much more violent than the previous one. This took bitcoin a grand south, and it fell to a weekly low of $26,400. Despite having recovered several hundred dollars since then, bitcoin is still trading below $27,000 as it is down 2% on the day.

As a result, its market capitalization has dropped back to $520 billion, while its dominance over altcoins stands at 46.3%.

XRP defies market sentiment

Most of the altcoins have also followed suit with minor daily declines. Ethereum, for one, has retraced nearly 1% and is close to breaking below $1,800 once again. Binance Coin declined below $310 after a similar daily decline.

Cardano, Solana, Litecoin, Polkadot, Shiba Inu, and Avalanche have produced declines of around 1-2%. More daily losses come from the likes of Chainlink, ATOM and Toncoin – all of which are down around 3%.

The native token of Lido DAO declined the most from large-cap alts, with a 6% decline. Nevertheless, the LDO is still trading above $2.1.

Ripple is the only top 10 alt with modest daily gains. XRP, perhaps driven by positive developments surrounding the blockchain company’s legal case against the SEC, is up nearly 3% and trading above $0.45.

Total crypto market cap erases yesterday’s gains and falls to $1.120 trillion.