Bitcoin (BTC) and other major cryptocurrencies experienced mixed movements in the past 24 hours as low volatility returned to the crypto markets. After a surge in prices fueled by ETF optimism, the market seems to be stabilizing.
Bitcoin, the largest cryptocurrency by market value, lost 0.7% and traded at $27,400 on Wednesday. This comes after it lost support at $28,000 earlier this week. Despite the slight decrease, Bitcoin has managed to stabilize around $27,400.
Ether (ETH), the second-largest cryptocurrency, also experienced a decline of 1.3% in the past 24 hours. Solana’s SOL recorded the highest losses among the majors, falling 3.5%. Cardano’s ADA and BNB Chain’s BNB both slipped 2% each.
On the other hand, XRP tokens showed some positive movement, being among the few cryptocurrencies in the green. Ripple, the payment firm behind XRP, experienced two victories in the last 24 hours. A court case tilted in Ripple’s favor, which positively impacted prices. Additionally, Ripple’s Asia arm was awarded a license to offer key services in Singapore, further boosting investor confidence.
In terms of unexpected movements, Polygon’s MATIC and Tron network’s TRX both rose 2% without any apparent material catalyst. Meanwhile, Aave’s AAVE tokens experienced a significant drop of 8%, plunging the most among the top hundred tokens by market capitalization.
Overall, after a period of heightened volatility driven by ETF optimism, the crypto markets seem to be returning to a state of lower volatility. Although Bitcoin and other major cryptocurrencies are experiencing mixed movements, stability seems to be the prevailing trend for now. Investors will closely monitor any developments in the market to gauge the future direction of cryptocurrency prices.
