Market Watch: Bitcoin Below $30K, About to Close 8 Consecutive Week in Red

Despite challenging $30,000 at one point yesterday, bitcoin was unable to overcome it and was trapped below that line. Most of the altcoins are quite calm on the daily level, with slight gains from BNB and a more significant bounce off the NEAR protocol.

Bitcoin Still Below $30K

The past week was an extremely emotional and volatile roller-coaster with BTC falling $15,000 at one point and bottoming out at $25,300. The week turned calm, but the asset is on the doorstep of yet another weekly red candle.

Back on May 16, the cryptocurrency reached a multi-day high of over $31,000. Despite failing there earlier, it took another swing the next day but was rejected once again.

The retracement pushed it south below $29,000, but then the bulls stepped up once again to propel it towards $2,000. Nevertheless, a familiar scenario followed, and BTC found itself falling to $28,750 once again.

Since then, the asset has remained below $30,000 despite several hundred dollars being recovered. Hence, its market cap is still at $560 billion, and its dominance over alts is 44.5%.

BNB and Near Lead the Race

Altcoins remain unusually calm today, with little to no significant movement from most. Ethereum lost the $2,000 mark yesterday and is still well below it.

Ripple and Avalanche are in the red, while Solana, Cardano, Polkadot and Dogecoin have registered modest gains.

Binance Coin has been the biggest gainer from large-cap alts with a jump of 3%. As a result, BNB sits at a multi-day high of $315.

The NEAR protocol is up 5.5% on a daily scale and has reclaimed $6. Stellar, Theta Fuel and Sandbox are also in green.

Somewhat as expected, the crypto market cap is relatively calm and stands at $1.260 trillion.