The cryptocurrency market experienced a pullback following last Thursday’s impressive gains, with Bitcoin and altcoins facing notable declines. After touching new highs, the market is now seeing some corrections.
Additionally, we’ll examine how altcoins have been affected and explore the performance of Lido Finance’s governance token, LDO.
Bitcoin, the leading cryptocurrency, slipped approximately 2% in the past 24 hours, falling to $29,834. Although experiencing a pullback, Bitcoin remains resilient, bouncing modestly at press time to $30,025.
Ether, the second-largest cryptocurrency by market cap, also recorded a 2% decline over the same period, dropping to $1,880. While both cryptocurrencies have retreated slightly, they continue to hold significant market positions.
Smaller cryptocurrencies, known as altcoins, have faced more substantial losses. Ripple’s XRP, which led a breakneck surge after a partially favorable court ruling involving the SEC, saw a 4.4% tumble in the last 24 hours.
Despite the decline, XRP remains approximately 15% higher than its pre-court ruling level, signaling continued interest in the asset.
Solana (SOL) and Stellar (XLM), the native tokens of their respective networks, also recorded declines of over 4% in the same period. Although down from their Thursday highs, both SOL and XLM still hold strong positions, showing resilience over the past week.
Among the day’s worst performers is LDO, the governance token of Lido Finance’s liquid staking protocol. The token has nosedived almost 12%, reflecting the heightened volatility experienced by some altcoins in the market.
