Bitcoin Dips Below $30K to Lowest Since Late June as Altcoins Pare Gains From XRP Lawsuit
Ripple's XRP, Solana's SOL and Lido Finance's LDO lost more than 4% in the last 24 hours.
Cryptocurrency markets continued to pull back from last Thursday's big gains, with bitcoin () slipping about 2% over the past 24 hours alongside more sizable declines in the altcoin sector.
Bitcoin fell to as low as $29,679 Monday afternoon and had bounced modestly at press time to $29,900. Ether (), the second largest cryptocurrency by market cap, dropped to $1,880, also about a 2% decline over the past 24 hours.
Smaller cryptocurrencies – or so-called altcoins – have suffered even steeper declines. Ripple's , which led Thursday's after a partially favorable court ruling in a lawsuit involving the U.S. Securities and Exchange Commission (SEC), tumbled 4.4% in the last 24 hours. and , the native token's of the Solana and Stellar networks, respectively, also shed more than 4% over the same period.
Ripple is now lower about 15% from Thursday's high, though still well above its pre-court ruling level. Solana is off about 10% from its Thursday high and XLM down about 25%, though both also remain higher over the past week.
Among the day's worst performers is , the governance token of liquid staking protocol Lido Finance, which has nosedived almost 12%.
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Liquid staking emerged after Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism. Its primary goal is to enhance asset utility by allowing users to earn staking rewards while maintaining the liquidity of their staked positions. Currently, mainstream liquid staking protocols allow users to stake their assets in exchange for liquid staking tokens (LSTs). For instance, by staking ETH on platforms such as Lido, users receive stETH tokens. This approach is commonly referred to as "liquid staking derivatives" (LSDs). Since Binance hinted at collaborating with Sanctum to launch the Solana liquid staking token BNSOL, Sanctum's governance token CLOUD has gained significant attention, rising despite unfavorable market trends. On September 5, Bybit announced its partnership with Solayer to launch bbSOL. Additionally, major exchanges have unveiled plans to introduce Solana LST tokens. EigenLayer also began its second season of airdrop claims this week, with its governance token EIGEN potentially circulating by the end of September. The LSD and restaking sectors are gaining quiet momentum, potentially setting the stage for a new wave of hype around restaking within the SOL ecosystem.
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