After hitting a new 13-month high yesterday at nearly $32,000, bitcoin was again rejected and even fell below $30,000 a few hours ago.
Most altcoins are also in the red today following recent gains except for DOGE, SHIB, OP and a few others.
BTC stopped
Most of the workweek went quietly for the main cryptocurrency, as the asset spent it in a tight range between $30,000 and $31,000. All of that, however, changed Thursday night when Judge Torres, presiding over the legal battle between Ripple and the SEC, ruled in favor of the blockchain company regarding its native cryptocurrency.
BTC, along with the rest of the market, went on the offensive and hit just under $31,900 (on Bitstamp), which became the highest price for the asset in over a year.
However, bitcoin was unable to sustain this run and quickly retraced by a large. The landscape turned sour last night as BTC dumped heavily and slipped below $30,000 for the first time in a week.
Despite bouncing off that level and currently sitting a few hundred dollars above, bitcoin is still down 3% on the day. Its market cap fell to $590 billion after topping $610 billion yesterday. His alt dominance is almost the same as yesterday at 48.4%.
XRP loses some momentum
As expected, Ripple’s native token was the biggest winner after the judge’s decision. It skyrocketed almost 100% at one point and touched $0.95 for the first time since December 2021, leaving millions of shorts liquidated.
However, it was also unable to sustain its run and fell back to $0.8 yesterday. Another daily 8% retracement took it down to $0.72 as of now. Similar losses come from Litecoin, Polygon, Bitcoin Cash, Polygon and others.
ETH, BNB, ADA, SOL, DOT, and TRX are also in the red of larger-cap alts. The two largest memecoins are among the few exceptions in the green, as DOGE and SHIB are up around 5% daily.
Optimism’s OP has climbed 7.5% in the past 24 hours and recouped $1.5.
The total crypto market, however, is down over $30 billion since yesterday to $1.220 billion on CMC.
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