Bitcoin charted a three-week high at almost $28,500 yesterday, but afterward, it started losing value rapidly and is currently trading below $28,000.

Asides from Ripple and Lido DAO, a good number of other altcoins are quite calmer today following the gains from yesterday.
Bitcoin had a relatively quiet week as it saw its 7-day price range drop into its lowest position in months. Thursday last week saw Bitcoin price drop significantly when as it dumped below $26,000 charting a two-week low.

However, it was at this point that the bulls stepped up and pushed the asset price upwards. As we moved into the weekend, bitcoin saw its price return to familiar ground at around $27,000.

On Sunday, it pumped above that level and continued to rally into Monday morning when news broke out that the US government had agreed to increase the debt limit. This caused the price to hit $28,500 for the first time since May 9.

However, the primary cryptocurrency failed to sustain the uptrend and retraced shortly after. As of the time of writing, BTC is struggling just below $28,000. Its market capitalization has dropped to $540 billion. However, BTC’s dominance sits calmly at 46.6%.

Image Source: TradingView

The majority of the altcoins rallied impressively yesterday but failed to double down on a daily scale. Ethereum rallied to $1,900 yesterday and is trading above that level at the moment, following a minor increase.

Binance Coin, Tron, Dogecoin, Polygon, Avalanche, and Shiba Inu are slightly in the red, while DOT, SOL, LTC, and ADA, have all charted insignificant gains.

From the top 10 alts, Ripple takes an exception as it had a notable increase in its price. XRP sits at $0.5 and is up by 5% daily.
Lido DAO’s native token has followed in the stead of XRP, and the now trades above $2.2 following a 5% increase.

The total crypto market capitalization has dumped by $15 billion since its peak yesterday and falls just short of $1.160 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Image Source: Quantify Crypto

Featured Image Source: CryptoSlate

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