After reaching and briefly exceeding $30,000 yesterday, bitcoin was rejected and dropped by more than a grand. Most altcoins are also slightly in the red today, with ETH struggling beneath $2,000 and SOL down to $50. LUNA and UST continue to lose value.
Bitcoin Rejected at $30,000
Since last week’s massacre, bitcoin has been unable to decisively break above the coveted $30,000 level. Over the past few days, he has made many attempts but has been stopped short after each one.
On May 16 and 17, BTC even spiked to $31,000 but was stopped on both occasions and fell back down to a familiar level. On May 19, the cryptocurrency dropped below $29,000, where the bulls stepped up and didn’t allow any further declines.
On the contrary, bitcoin went on the offensive and surged $2,000 in one day to hit a daily high of $30,750 yesterday. However, the generally bearish state of the market led to another rejection and BTC lost $2,000 in hours.
After bouncing off at $28,750 (on Bitstamp), bitcoin jumped above $29,000, where it’s currently situated as well. As such, its market cap has declined slightly to $560 billion, and the dominance over the alts is at 44.6%.
Top of Form
ETH below $2,000, UST, LUNA continue to dive
Alternative coins have largely mimicked BTC’s performance lately, and the past 24 hours again brought some minor dips.
Ethereum traded above $2,000 yesterday, but a 2.5% decrease has driven the second-largest cryptocurrency to just under that level as of now.
Binance Coin is holding above $300 and Cardano is north of $0.50 after insignificant daily retracements. On the other hand, RIpple, Solana and TRON lost more value. Polkadot, Dogecoin, Avalanche and Shiba Inu are also slightly in the red.
The never-ending drama surrounding Terra‘s two native cryptocurrencies continues, as both LUNA and UST have dropped by another 20% in the past 24 hours.
Ultimately, the crypto market cap fell to $1.25 trillion after hitting $1.3 trillion yesterday.
