Crypto Market Cap Maintains $1T As Lido (LDO) Recovers 10%: Weekend Watch

Bitcoin’s recent freefall appears to have stalled for the time being, as the asset has settled below $22,000.

Most altcoins have even recorded minor daily increases. Some, such as HBAR and Lido Dao, have even risen by double digits.

Bitcoin Soothes Below $22K

The situation around bitcoin was significantly more positive last week when it jumped above $24,000 for the first time since August 2022. However, it failed to stay there and retreated by over a thousand to $23,000 in the following days.

Then came the SEC’s crackdown on crypto stakes and the subsequent deal with Kraken. With fear spreading across the board, bitcoin began to lose value quickly, dumping below $22,000. The bears drove it all the way down to $21,400 yesterday, which became a three-week low.

Still, BTC bounced back and picked up a few hundred dollars in the following hours. It has remained fairly quiet since then, and is also currently trading inches away from $22,000.

Its market cap has climbed back to over $420 billion, while its dominance of the alts sits at a quiet 41.3%.

LDO’s rollercoaster ride continues

Following the SEC’s actions to go after certain staking offerings in the US, several representatives of ETH’s floating staking niche went on a rollercoaster ride. These include LDO, FXS and RTL, all of which were dumped by double digits yesterday.

Today, however, the landscape with Lido DAO is significantly different as the protocol’s native token has recovered 10% and is trading near $2.5.

HBAR is another notable increase, having increased by over 11%. The altos with larger caps are quieter, but most are also a bit in the green.

These include Ethereum, Ripple, Cardano, MATIC, OKB and DOT. The two biggest meme coins, as well as Solana, are up over 3% on a daily scale.

Despite the recent price drops in the crypto space, the cumulative market cap has remained above $1 trillion on both CMC and CoinGecko.