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Cryptocurrency markets experienced a further retreat from the significant gains observed last Thursday. Bitcoin (BTC) dipped by approximately 2% in the past 24 hours, while the altcoin sector saw more substantial declines.
Bitcoin took a tumble on Monday afternoon, hitting a low of $29,679 before showing some signs of recovery, reaching $29,900 at press time. Ether (ETH), the second-largest cryptocurrency in terms of market cap, experienced a similar decline of about 2% over the past 24 hours, dropping to $1,880.
Smaller cryptocurrencies, known as altcoins, have experienced even more significant drops in value. Ripple's XRP, which initially surged after a partially favorable court ruling in a lawsuit involving the U.S. Securities and Exchange Commission (SEC) on Thursday, has now fallen by 4.4% in the past 24 hours. Similarly, SOL and XLM, the native tokens of the Solana and Stellar networks respectively, have also declined by over 4% during the same timeframe.
Ripple has experienced a decrease of approximately 15% since reaching its peak on Thursday, but it is still significantly higher than its level before the court ruling. Solana has also declined by about 10% from its Thursday high, while XLM has seen a drop of 25%. However, both Solana and XLM have still maintained higher values compared to the previous week.
LDO, the governance token of Lido Finance, a liquid staking protocol, has experienced a significant decline, plummeting nearly 12%, making it one of the poorest performers of the day.
