Bitcoin’s attempt to decisively cross the $30,000 level failed once again, and the asset hit hard in a matter of hours. Alternative coins went through similar dumps, with SOL, AVAX and BNB leading the adverse trend.
Bitcoin’s latest rejection
Late last month, bitcoin hit a multi-week high of over $32,000 after breaking above $30,000. It failed at the time and quickly fell to $29,000 a day later.
After a few days of sideways trading in which the cryptocurrency mostly remained around and below the $30,000 mark, the asset turned aggressive again yesterday.
This time, the bulls made it north to just under $32,000. While the community was preparing for another leg up, a similar scenario followed a similar scenario as Bitcoin rallied around $3,000 in hours. This resulted in a large number of liquidations and a drop to $29,000.
So far, BTC has gained some ground but is still trading below $30,000. As a result, its market cap has dropped to $565 billion, but its dominance over altcoins remains above 46%.
the fall of the alts
The altcoin jumped higher yesterday, which has now been halted. Ethereum was one of the most significant price gainers as it touched $1,900. Now, however, the second largest crypto struggles below $1,800 after a 7% daily decline.
BNB, in the latest speculation about the SEC investigation, is down 9% below $300. Similar price drops are evident from Cardano, Polkadot, Solana and Avalanche.
Ripple, Dogecoin and Tron are also in the red from large-cap alts, however, with more minor declines. Even more disadvantages are evident from ICP, Convex Finance, Aave, THORChain, Neo, Chiliz, The Graph, and many others.
Ultimately, the crypto market cap has fallen by nearly $100 billion in a single day to nearly $1.2 trillion.
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