von • Ripple (XRP) and Lido DAO have both increased by 5% in the past 24 hours.
• Bitcoin (BTC) reached a three-week high of almost $28,500 yesterday but has since dropped back below $28,000.
• Most other altcoins are calmer today following yesterday’s gains.
Bitcoin Slips Back Below $28K
The primary cryptocurrency had a relatively quiet week with its 7-day price range going into its lowest position in months. The most significant price drop came on Thursday when BTC dumped below $26,000 to chart a two-week low. However, the bulls stepped up at this point and pushed asset north. As the weekend came, bitcoin had returned to familiar ground at around $27,000 before pumping above that level on Sunday and reaching an all-time high of nearly $28,500 on Monday morning due to news of the US government reaching a debt limit deal.
Ripple (XRP) & Lido DAO Soar 5%
While Bitcoin is losing value rapidly XRP and LDO have seen similar increases in the past 24 hours. Altcoins are also calmer today compared to yesterday’s gains aside from Ripple and Lido DAO which experienced a 5% increase over this period.
Traders Remain Cautious
Despite BTC’s recent surge traders remain cautious about any further increases as it may be difficult to maintain these levels for an extended period of time without any major bullish catalysts entering the market. Additionally investors are concerned about potential corrections should there be any negative news regarding cryptocurrencies or regulatory developments that could affect prices negatively in the near future.
Market Outlook
It remains unclear where markets will head next but overall sentiment remains positive despite some short term fluctuations in prices due to profit taking or sell offs from traders who want to lock in some profits before prices potentially start dropping again if major negative news enters the market or major bullish catalysts fails to materialize soon enough..
Conclusion
Overall it appears that although Bitcoin was able to break out of its short term range bound movement this week it remains uncertain whether or not it will be able maintain these higher levels for an extended period of time without any major bullish catalysts entering the market anytime soon so traders should remain cautious when investing in cryptocurrencies at current prices as there is still risk involved with them regardless how strong sentiment may appear currently.
