Bitcoin Stalls at $27.5K
The price of Bitcoin has once again hit a roadblock, remaining stuck in a tight range around $27,500. While most altcoins are experiencing a calmer day, Ripple’s native token is an exception following its recent court victory against the US Securities and Exchange Commission (SEC).
In September, Bitcoin surged to $27,000, and expectations were high for a positive month in October. The cryptocurrency had a strong start on October 1 and 2, soaring by over $1,500 to reach a six-week peak of around $28,600. However, the bulls failed to maintain the momentum, and Bitcoin began losing value rapidly.
Over the past 24 hours, Bitcoin has remained stagnant at $27,500 with minimal movements in either direction. Its market capitalization has also remained steady at around $535 billion, while its dominance over altcoins remains at 49.4%.
XRP Sees 4% Increase
Most altcoins have experienced minor losses today. Ethereum and Binance Coin both saw declines of just over 1%, reaching $1,644 and $212 respectively.
Dogecoin, Toncoin, and Polkadot also saw similar decreases in value. However, Ripple’s native token and Avalanche are exceptions to this trend. Following its recent legal victory against the SEC in US courts, XRP has increased by almost 4%. AVAX has also seen a similar percentage increase, reaching close to $10.
Overall, the total crypto market cap has seen daily losses amounting to several billion dollars and now stands at $1.080 trillion according to CMC.
Hot Take: Bitcoin’s Stagnation and Ripple’s Win
Bitcoin’s current stagnation around $27,500 highlights the lack of significant movement in the market. Despite initial optimism for October, the asset failed to maintain its upward momentum and has remained relatively unchanged.
On the other hand, Ripple’s recent court victory against the SEC has propelled its native token, XRP, to a 4% increase. This legal win has provided a boost of confidence to Ripple investors.
Overall, the crypto market continues to face challenges and uncertainties, with some coins experiencing losses while others see gains. The next few days will be crucial in determining whether Bitcoin can break free from its current range and regain positive momentum.
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