Bitcoin dipped to its lowest point in over a week beneath $56,000 but has recovered some of the losses and currently stands above $57,000. Most altcoins have retraced even harder, including a double-digit price drop for the high-flying Ripple (XRP) and Ethereum briefly dropping beneath $2,000.
BTC’s Dominance Increases Despite the Drop
The past several days didn’t go all that well for the primary cryptocurrency. After failing to overcome $60,000 on numerous occasions, the asset reversed its trajectory and headed south.
Bitcoin reached $59,400 on Thursday, but its inability to sustain the upward momentum gave the bears an opportunity to push it down, which led to a $4,000 price drop in less than 48 hours.
Yesterday was an especially harmful trading day for BTC as it slumped to a low of about $55,500. This was the lowest price line since late March.
It’s worth noting that this retracement came as the South Korean kimchi premium normalized following a yearly high. As CryptoPotato re
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