BTC Struggles to Reclaim $27K
In the last 24 hours, Bitcoin attempted to break through the $27,000 level but was met with resistance from bears, resulting in the asset remaining just below that threshold.
After experiencing recent price drops, most altcoins have seen minor gains. XDC, in particular, has emerged as today’s top performer.
BTC’s Decline and Recovery Attempts
Less than a week ago, Bitcoin was trading well above $28,000. However, the Israel-Hamas conflict triggered a gradual decline in its price.
The start of the new business week brought further losses for BTC, with a significant drop to $26,500 on Wednesday – its lowest point in two weeks.
Despite some efforts by bulls to push Bitcoin back up to $27,000, it failed to sustain upward momentum and has since retraced by a few hundred dollars.
Remaining below $27,000 means that Bitcoin’s market cap remains at $525 billion and its dominance over altcoins is approaching 50%.
XDC Shines Among Altcoins
Altcoins experienced even greater declines than Bitcoin over the past week. Ethereum, for example, dropped over $250 and hit a 7-month low below $1,550. However, there have been some positive developments in the past 24 hours.
ETH, BNB, DOGE, TON, and LTC have seen gains of up to 1%. XRP, MATIC, and DOT have also experienced increases of 1-2%.
Solana stands out among larger-cap altcoins with a 3% surge that keeps it above $20.
While ICP, CRO, MKR, APT, and LDO have seen gains of 3-5%, XDC Network’s token has surged the most at 7% and is now trading close to $0.05.
The total crypto market cap remains stable at around $1.050 trillion on CMC.
Hot Take: Bitcoin Struggles to Break Through $27K as Altcoins Show Signs of Recovery
In the past 24 hours, Bitcoin has faced resistance in its attempt to surpass the $27,000 level. Meanwhile, altcoins have shown some signs of recovery after recent price drops. XDC has emerged as the top performer with a significant increase of 7%. Although Bitcoin failed to sustain upward momentum, it remains just below the $27,000 threshold. The decline in Bitcoin’s price can be attributed to various factors, including the Israel-Hamas conflict. Altcoins such as Ethereum and Solana have also experienced losses but have seen minor gains in the past day. Overall, the crypto market remains relatively stable with a total market cap of around $1.050 trillion.
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