Bitcoin has calmed just under and around the $30,000 level after the recent massive volatility that brought the asset south by five digits. Most altcoins are also quite stagnant on a daily scale, with a few exceptions, such as Polkadot, Bitcoin Cash, and Monero.
Bitcoin is still holding below $30,000
The last ten days have been nothing short of a volatile roller coaster for bitcoin and the rest of the market. The largest digital asset stood near $40,000 before dropping $4,000 in one day. It got rid of more over the next two days and found itself struggling to stay above $30,000 by May 11.
However, it seemed almost inevitable that it will break below that level, and it did on May 12. At that point, BTC slumped by nearly $5,000 to its lowest price position since December 2020 at $25,300 (on Bitstamp).
After that drop of $15,000 in about a week, it reacted well and recouped $6,000 in one day, briefly drawing $31,000. Nevertheless, it failed there and came back below $30,000 where it currently sits. Thus, its market capitalization amounts to just over 550 billion dollars.
Altcoins Stall, DOT Soars
The altcoins went through something quite similar to bitcoin. Ethereum traded at $3,000 earlier in May but dumped to a multi-month low at $1,700 during the correction’s most violent day. It bounced off at that point and reclaimed the $2,000 line days later.
Binance Coin is close to $300 now, after dropping to $230 a few days ago. On a daily scale, however, most larger-cap alts are slightly in the red. Ripple, Cardano, Solana, Polkadot, TRON and Shiba Inu fell as much as 4%.
Polkadot and Avalanche are the only two with notable price gainers. AVAX is up by 3%, while DOT has soared by more than 7% and trades north of $11.
Among the small- and mid-cap alts, Bitcoin Cash and Monero gained the most — between 5% and 7%.
The crypto market cap has remained relatively sluggish in the past two days and is now at $1.250 trillion.
