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.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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