Bitcoin’s price struggles continued in the past day, as the asset slumped to $65,300 for the first time since last Friday amid uncertainty coming from the US government. The altcoins are also in the red today, aside from XRP, which skyrocketed to a multi-month peak of over $0.66 earlier.
BTC had a wild end to the previous business week as it slumped below $63,500 on Thursday but shot up soon after to $67,000. The weekend was also quite volatile due to Donald Trump’s appearance at the Bitcoin Conference in Nashville, and the asset went down and up by three grand within a few hours on Saturday evening.
Although Monday began on a high note, with the cryptocurrency jumping to a 7-week peak of $70,000, it was short-lived as the bears halted the move. Bitcoin was violently rejected at this point and pushed south by nearly $5,000. As a result, it charted a multi-day low of $65,300. Currently, BTC is still in the red on a daily scale at just over $66,000. Its market cap has declined to under $1.310 trillion, while its dominance over the alts is down to 52.3%.
On the other hand, Ripple’s native token, XRP, defied the odds and tapped a multi-month peak at over $0.66 earlier today. This surge comes as most of the larger-cap altcoins followed BTC on the way down. While ETH, BCH, and ADA are with minor losses over the past 24 hours, DOGE, TRX, AVAX, SHIB, LINK, DOT, and UNI have declined by around 3% each.
Interestingly, XRP is not the only exception to the downward trend. KAS, XLM, and BNB have also risen in value since yesterday. However, the total crypto market cap has declined by another $20 billion and is down to $2.5 trillion.
It is essential for investors to conduct their own research before making any investment decisions in the volatile cryptocurrency market. The market conditions can change rapidly, as seen by the contrasting performances of Bitcoin and XRP in the past day. Stay informed and stay cautious when navigating the world of digital assets.