Ripple (XRP) Surges 5% on the Day, Bitcoin (BTC) Loses $28K (Market Watch)

After hitting a three-week high of nearly $28,500 yesterday, bitcoin started to lose value rapidly and is currently trading below $28,000.

Most of the altcoins are also calm today after yesterday’s gains except for Ripple and Lido DAO.

BTC Back Below $28K

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

However, at this point the bulls have stepped in and pushed the property north. As the weekend approached, bitcoin had returned to familiar ground at around $27,000.

It moved above that level on Sunday and continued to rise on Monday morning after news that the US government had finally reached an agreement on raising the debt ceiling. This resulted in the price rising to $28,500 for the first time since May 9.

However, BTC failed to sustain the uptrend and pulled back shortly afterwards. As of now, the cryptocurrency is struggling just below $28,000. Its market capitalization has declined to $540 billion, while its dominance over alts stands at 46.6%.

XRP, LDO Jump 5%

Most altcoins also produced impressive price gains yesterday but failed to double on the daily scale. Ethereum reclaimed $1,900 yesterday and is now above that level, once again after a modest increase.

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

Ripple is the only exception in the top 10 with notable price growth. XRP is up 5% on the day and sits at $0.5.

Lido DAO’s Native Token Mimics XRP’s Growth, Asset Now Trades Above $2.2

Total crypto market cap has lost less than $15 billion since yesterday’s peak and is below $1.160 trillion.