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After hitting a new 13-month high of nearly $32,000 yesterday, bitcoin has been rejected once again and has even dropped below $30,000 a few hours ago.
Most of the altcoins are also in red today except DOGE, SHIB, OP and few others after recent gains.
btc closed
Most of the working week passed quietly for the primary cryptocurrency as the asset spent it trading sideways in a tight range between $30,000 and $31,000. However, that all changed on Thursday evening when Judge Torres, who is presiding over the legal battle between Ripple and the SEC, ruled in favor of the blockchain company regarding its native cryptocurrency.
BTC, along with the rest of the market, turned aggressive and only reached $31,900 (on Bitstamp), becoming the asset’s highest price in more than a year.
However, bitcoin could not maintain that gain and quickly retraced with a bigger gain. The scenario took a turn for the worse last evening as BTC took a massive tumble and slipped below $30,000 for the first time in a week.
Despite bouncing off that level and currently sitting a few hundred dollars above it, bitcoin is still down 3% on the day. Its market capitalization has dropped to $590 billion from yesterday after exceeding $610 billion. Its dominance of alts is at about the same level as yesterday at 48.4%.
XRP Losing Some Momentum
As expected, Ripple’s native coin was the most significant gainer following the judge’s decision. At one point it surged almost 100% and reached $0.95 for the first time since December 2021, wiping out millions of shorts.
However, it could not maintain its performance and fell back to $0.8 yesterday. Another 8% daily retracement has pushed it further down to $0.72. Similar losses come from Litecoin, Polygon, Bitcoin Cash, Polygon and others.
ETH, BNB, ADA, SOL, DOT and TRX are also in the red among the large-cap stocks. The two largest Memecoins are among the few exceptions in the green, as both DOGE and SHIB are up around 5% daily.
Optimism’s OP is up 7.5% in the last 24 hours and has recovered $1.5.
However, the total crypto market on CMC has declined by over $30 billion since yesterday to $1.220 trillion.
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Disclaimer: Information found on Cryptopotatoes is from the cited authors. It does not represent the opinion of Cryptopotatoes to buy, sell or hold any investment. You are advised to do your own research before making any investment decision. Use the information provided at your own risk. See disclaimer for more details.
cryptocurrency chart by Tradingview.
