After yesterday’s brief price surge to $31,000, bitcoin stalled and fell back below $30,000. Most of the altcoins are also slightly in the red today, except for TRON and Polkadot, which are up around 4%.
Bitcoin failed at $31K
No other word can better explain what happened last week than “massacre.” Bitcoin hovered near $40,000 on May 5 before the bears took full control of the market and pushed it south hard.
Initially, BTC lost $4,000 in a day before negative market sentiment dropped it to $33,000 and then $30,000. However, May 12 turned out to be the most violent day during this drop, as Bitcoin dropped to $25,300 (on Bitstamp), which became its lowest price since late December 2020.
At that point, however, the bulls remembered their presence and drove the cryptocurrency north. In just one day, the asset rallied around $6,000 and shot up to $31,000. However, it failed to break that level twice and has dropped back almost $2,000 since then.
As a result, the market capitalization of BTC has decreased on a daily scale and is just north of $550 billion.
BTCUSD. Source: TradingView
TRX and DOT Chart More Earnings
Altcoins went through a similar, if not more violent, roller coaster ride in the last ten days. Ethereum was close to $3,000 before plummeting to a multi-month low of $1,700. However, the second largest cryptocurrency reacted well and touched $2,100 yesterday. Despite pulling back slightly since then, ETH is still above $2,000 as of now.
Binance Coin fell to around $230, touched $300 yesterday and is now trading below $290 after a minor daily decline.
While Ripple, Dogecoin, Shiba Inu, and Litecoin are also slightly in the red, Cardano and Avalanche are down more than 7% in one day.
TRON and Polkadot are among the few coins in the green, seeing price increases of around 4% each.
The cryptocurrency market capitalization hovers around $1.25 trillion, which means it is up $140 billion since the May 12 low. However, the metric is down $600 billion in the last ten days.
Overview of the cryptocurrency market. Source: quantify crypto
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Cryptocurrency charts from TradingView.
This post Bitcoin Rejected to $30K, TRON and Polkadot Spike 4% (Weekend Watch)
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