A familiar scenario happened in the crypto market over the past 24 hours as bitcoin was once again rejected at $30,000. The altcoin has followed suit with daily declines. Ethereum declined below $2,000, while Cardano, Solana and Avalanche are deep in the red.
Bitcoin $30K. closed on
After last week’s sideways trading in which BTC was stuck around the $30,000 mark, the cryptocurrency calmed down over the weekend and settled just below that line.
On Sunday evening, the bulls went out to play and pushed the property north. As a result, bitcoin climbed above that level and continued to climb to a multi-day high of $30,600 (on Bitstamp).
However, as has happened several times over the past two weeks, BTC eventually failed at that point and reversed its trajectory. Within a matter of hours, bitcoin plunged nearly $2,000 and found itself trading at $29,000 once again.
So far, it has reclaimed some ground, but it is still down more than 3%. As a result, its market cap has shrunk to $560 billion.
ETH below $2K, AVAX dumps hard
Similar to bitcoin, most alternative coins are withdrawn today. Ethereum is at the fore as it was near $2,100 at one point yesterday, but it failed there. The 4% drop since then has pushed the second-largest cryptocurrency below $2,000.
Ripple, Polkadot, and Dogecoin have marked similar daily declines, while BNB has remained relatively stable.
However, more damage is evident from Cardano, Solana, Shiba Inu and Avalanche. AVAX is down 9% in a day and goes below $30.
The crypto market cap has erased all yesterday’s gains and is back at $1.260 trillion.
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Cryptocurrency charts by TradingView.