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BTC Dips Below $28K, While LDO, BCH Defy Market Sentiment With 7% Jumps (Market Watch)

BTCEUR - Jordan Lyanchev 2023-05-09 16:45

Bitcoin’s troubles continued for a third straight day, with another price slide, which took it to almost $27,000 this time.

Most altcoins also suffer, with MATIC, SOL, DOGE, and LTC dropping the most. In contrast, LDO and BCH have gone on a tear.

BTC’s New Local Low

It was just days ago when the primary cryptocurrency had initiated an impressive leg-up that drove it to almost $30,000. However, its inability to conquer that coveted level meant upcoming trouble.

The bears took control of the market and pushed BTC south to under $29,000. After staying there on Sunday, the landscape started to change for the worse on Monday. As a result, the asset plummeted by another grand.

The past 24 hours brought even more pain for the bulls. Bitcoin went from $28,000 to just over $27,200 in another price drop. It has managed to recover a few hundred dollars since then but is still more than 1% down on the day.

As a result, bitcoin’s market capitalization has slid to $535 billion. Just for reference, the metric was well above $560 billion on Friday night.

Its dominance over the altcoins has also retreated slightly to just under 47%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

BCH, LDO Defy Market Sentiment

The altcoins have not enjoyed the past several days, either. Ethereum stood well above $1,900 during the weekend but has dropped below $1,850 as of now. Binance Coin is down from over $340 to $315 as of writing these lines.

Even more losses come from the likes of XRP, DOGE, MATIC, SOL, and LTC. All of those are down by up to 5% in a day.

In contrast, stand Bitcoin Cash and Lido DAO. Both assets have jumped by approximately 7%. As a result, BCH trades at $120, while LDO is above $1.8.

The total crypto market cap, though, has declined once again. The metric, which was over $1.2 trillion days ago, is now at $1.140 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

The post BTC Dips Below $28K, While LDO, BCH Defy Market Sentiment With 7% Jumps (Market Watch) appeared first on CryptoPotato.