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Bitcoin Hovers Above $27.4K; XRP Notches Win, Solana Token Slides
Low volatility returned to crypto markets after a sudden move higher earlier this week following ETF decisions.
Updated Oct 4, 2023, 3:51 p.m. Published Oct 4, 2023, 8:44 a.m.
Bitcoin lost 0.7% while crypto majors showed mixed movements as low volatility seemed to return to the crypto markets, days after ETF optimism pushed prices higher.
The largest cryptocurrency by market value traded at $27,400 on Wednesday, seemingly stabilizing around that level after losing support at $28,000 earlier this week. Ether lost 1.3%, Solana’s SOL fell 3.5% to lead majors losses, while Cardano’s ADA and BNB Chain’s BNB slipped 2% each in the past 24 hours.
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XRP tokens were among the few majors in green following two Ripple victories in the last 24 hours. Tuesday. A court case tilted in the payment firm’s favor, while its Asia arm was awarded a license to offer key services in Singapore – bouying prices.
Elsewhere, Polygon’s MATIC and Tron network’s TRX rose 2% on no apparent material catalyst. Tokens of lending protocol Aave dropped 8%, plunging the most among the top hundred tokens by market capitalization.
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Bitcoin slides to $86,000 as slower rate cut risk, AI stock woes shake markets
Crypto-related stocks suffered far deeper declines as bitcoin slumped well below its recent trading range.
What to know:
- Bitcoin and major altcoins fell further throughout U.S. trading hours as macro uncertainty continued to pressure risk assets.
- Many crypto-related stocks, including leaders Coinbase and Strategy, posted deeper slumps than crypto itself.
- Wintermute's Jasper De Maere suggested the decline is and should remain orderly.
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