Bitcoin price stagnates, crypto markets calm after Ripple SEC win, except XRP up 4%.
The price of bitcoin has once again stagnated as the commodity trades in a narrow range at roughly $27,500. Following the most recent legal triumph against the US Securities and Exchange Commission, the majority of cryptocurrencies are likewise calmer today, with the exception of Ripple’s native token.
BTC Calms at $27.5K
Given the record of the previous ten years, Bitcoin surged to $27,000 at the end of September, and the widespread anticipation for October was that it would be a positive month. And it didn’t disappoint, as BTC soared by more than $1,500 on October 1 and 2.
With the help of the rise, the cryptocurrency reached a six-week high of almost $28,600. The asset started losing value quickly, though, as the bulls were unable to maintain the momentum.
The day or so after that was not particularly good, and bitcoin reversed course and fell to $27,500. The asset has stayed locked at the same level for the previous 24 hours with little to no change in either direction.
Because of this, its market capitalization has been fixed at $535 billion. It still has 49.4% of the market share among altcoins, the same as yesterday.
XRP up 4%
The majority of altcoins are currently charting slight losses. To $1,644 and $212, respectively, Ethereum and Binance Coin have both decreased by slightly more than a percent.
Similar declines have been observed in Polkadot, Toncoin, and Dogecoin. However, cryptocurrencies like Solana, Cardano, Litecoin, and Bitcoin Cash suffer more losses. BCH has fallen by about 5% in this scenario, bringing its price down to $230.
On the opposite corner, Ripple and Avalanche are positioned. Following the most recent victory over the SEC in US courts, the former’s native token has increased by roughly 4%. AVAX has increased by a comparable percentage, approaching $10.
The overall crypto market valuation, meanwhile, has lost a few billion dollars every day and is already down to $1.080 trillion on CMC.