Bitcoin was dropped yesterday by more than a million dollars after briefly surpassing $30,000 yesterday. Many altcoins are also in the red today with ETH falling below $2,000 and SOL dropping to $50. UST and LUNA continue to lose value.
Bitcoin rejected at $30K
Since last week’s attack, bitcoin has not been able to surpass the $30,000 mark. It made many attempts over the last few days but it was stopped in its tracks each time.
BTC spiked to $31,000 on May 16-17 and 17 but was stopped by the bulls and reverted to its previous level. The cryptocurrency fell below $29,000 on May 19, but the bulls intervened and stopped any further declines.
Bitcoin did the exact opposite and surged by $2,000 per day to reach a record $30,750 yesterday. BTC was rejected by the market, and it crashed by $2,000 within hours.
Bitcoin jumped to $29,000 after it bounced off at $28,750 on Bitstamp. Its market cap is now $560 billion. The dominance over alts is 44.6%.
BTCUSD. Source: TradingView
ETH Below $2K, UST, LUNA Keep Plunging
BTC’s performance has been closely followed by alternative coins, with some slight declines in the last 24 hours.
Ethereum traded at above $2,000 yesterday. However, a 2.5% drop has brought the second-largest cryptocurrency down to just below that level.
Binance Coin is above $300 and Cardano is over $0.50, despite insignificant daily retracements. TRON, Solana and RIpple have all lost more value. Avalanche and Polkadot are all slightly in red, as is Shiba Inu, Dogecoin and Avalanche.
Terra’s native cryptocurrencies continue to be a drama. LUNA, UST and UST both dropped another 20% within the last 24 hours.
After touching $1.3 trillion yesterday, the crypto market cap has fallen to $1.250 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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