Weekend Watch: Bitcoin (BTC) Defends $30K, Cardano (ADA) Drops 4% Daily
Bitcoin dipped toward $30,000 but managed to bounce off that level and stands a few hundred dollars above it now as well.
Most altcoins are also slightly in the red today, with ADA, SOL, MATIC, and DOT dropping the most from the larger caps.
BTC Defends $30K
The primary cryptocurrency experienced enhanced volatility at the end of the business week, alongside the rest of the market, following Ripple’s landmark victory against the SEC. Following the judge’s ruling that almost all XRP sales do not constitute security transactions, BTC jumped from under $30,500 to a new 13-month peak of over $31,800.
However, it failed to keep this momentum going and retraced by several hundred dollars by Friday. Then came a more violent rejection that pushed it south to just under $30,000 for the third time that week.
The bulls stepped up once more and helped BTC reclaim that round-numbered milestone by Saturday. The weekend, as usual, is significantly less eventful, but bitcoin still dipped to $30,050 (on Bitstamp) earlier today.
Nevertheless, it managed to maintain that level and now sits around $300 above it. Its market cap and its dominance have remained the same as yesterday at $590 billion and 48.5%, respectively.
ADA Leads the Way Down
As expected, most altcoins soared as well following the SEC-Ripple ruling, especially XRP. It almost doubled in value in the hours and spiked to a 19-month high at $0.95. However, it also failed there and retraced quite a bit in the next few days to its current level of just over $0.7.
ETH spiked above $2,000 but now stands at $1,930 after a two-day decline as well. BNB is back under $250.
The past 24 hours brought more pain to ADA, which is down by more than 4%, SOL (-4%), DOGE (-2%), MATIC (-3%), and DOT (-3%).
Lido DAO’s native token has dumped the most, by over 6.5%. As a result, LDO now sits below $2.3.
The total crypto market cap has remained relatively still at around $1.210 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Filed under: Bitcoin - @ July 16, 2023 8:21 am