April 19, 2024
Bitcoin News

Bitcoin Slips 2% to Drop Below $30K; Altcoins Follow Suit

Following last Thursday’s substantial gains, the cryptocurrency markets experienced a notable pullback, as bitcoin (BTC) declined approximately 2% within the last 24 hours. This downward trend also affected the altcoin sector, resulting in more significant drops in various cryptocurrencies.

Bitcoin’s value dropped to as low as $29,679 on Monday afternoon but showed a slight rebound at the time of reporting, reaching $29,900. Ether (ETH), the second-largest cryptocurrency in terms of market capitalization, experienced a similar 2% decline, falling to $1,880 within the same 24-hour period.

The decline was even more pronounced for smaller cryptocurrencies, commonly referred to as altcoins. For instance, Ripple’s XRP, which had seen a rapid surge following a partially favorable court ruling involving the US Securities and Exchange Commission (SEC), recorded a 4.4% drop in the past 24 hours. Similarly, the native tokens of Solana (SOL) and Stellar (XLM) networks, both known as SOL and XLM, respectively, experienced more than 4% losses during the same timeframe.

Ripple’s value currently stands about 15% lower than its peak on Thursday but remains higher than the pre-court ruling level. As for Solana, it experienced a decline of about 10% from its Thursday peak, and XLM suffered a more significant drop of around 25%, though both still show gains over the past week.

Among the worst performers of the day is LDO, the governance token of the liquid staking protocol Lido Finance, which has seen a sharp decline of nearly 12%.

Image by rawpixel.com on Freepik

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