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After hitting another multi-week low at $29,500 yesterday, bitcoin rebounded and reached $30,000 earlier today.
Most altcoins are showing minimal gains, with the exception of ADA, XRP, BCH, and XLM, which have all increased by approximately 2% to 8%.
BTC Back at $30K
Since last week’s substantial gains, driven by Ripple’s legal victory over the SEC, which propelled bitcoin to a 13-month high of $31,800, the environment surrounding the leading cryptocurrency has been quite unstable.
The asset was unable to maintain its upward trajectory and fell by nearly two thousand dollars in the subsequent days to $30,000. It managed to remain above that threshold over the weekend and on Monday but declined sharply on Tuesday.
This led to an 18-day low of $29,500 (on Bitstamp) yesterday. The bulls intervened and pushed it back to the significant $30,000 mark as of now.
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The asset’s market capitalization has experienced a slight decline in recent days and is currently just above $580 billion. Its dominance over alternative coins has also decreased to 48.4%.
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BTCUSD. Source: TradingView
XRP Heading for $0.8
As anticipated, XRP saw the most considerable price increase last week following Judge Analisa Torres’ ruling in favor of the blockchain firm. The native token nearly doubled in value within a day, reaching $0.95, marking a 19-month high.
However, it faced a significant retracement in the following days. The last 24 hours have been more favorable as XRP is back on the rise, trading near $0.8 after a significant investment from Ripple in a company involved in the expanding sectors of AI and the metaverse.
Cardano has risen by 2.5% and is trading above $0.3, while ETH, BNB, SOL, DOGE, and LTC are experiencing more modest increases. Bitcoin Cash has gained 4% in value and is currently priced at $245.
Stellar has seen the largest increase among the larger-cap altcoins (8%) and is trading close to $0.15.
Overall, the cryptocurrency market cap has added a few billion in a single day, remaining above $1.210 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
