Bitcoin was unable, despite challenging $30,000 yesterday at one time. It remains below that level. Altcoins tend to be quite calm on a daily basis, with only a slight increase in BNB and a larger jump from NEAR Protocol.
Bitcoin Still below $30K
Last week was an emotionally charged and volatile roller-coaster. BTC dropped by $15,000 at one stage and topped at $25,300 at the bottom. Although this week was calmer, the asset is still in the midst of another weekly red candle.
On May 16, cryptocurrency reached a multi-day peak of more than $31,000. It failed initially, but it was able to take another swing the next day and was rejected again.
It fell below $29,000 after the retracement, but then it was driven up by the bulls by $2,000. The retracement pushed it south to below $29,000, but then the bulls stepped up once more and drove it upwards by $2,000.
The asset has not recovered several hundred dollars since then and is still below $30,000 Its market cap is still $560 billion and its dominance over other alts is at 44.5%.
BTCUSD. Source: TradingView
BNB and NEAR lead the race
Today has been unusually quiet for altcoins, with very little to no significant movement from most. Ethereum fell below the $2,000 mark yesterday, and is currently at its lowest level.
Avalanche and Ripple are slightly in red, while Polkadot and Solana have seen minor increases.
Binance Coin gained the most from larger-cap alts, with a 3% increase. BNB is currently at $315, a multi-day peak.
NEAR Protocol has seen a 5.5% increase in daily sales and has recovered $6. Theta Fuel and Stellar are also in green.
The crypto market cap, which stands at $1.260 trillion, is somewhat predictable.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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