24 May Bitcoin Rejected at $30K Again, Avalanche Slumps 9% (Market Watch)
A familiar scenario occurred in the crypto market in the past 24 hours as bitcoin was rejected at $30,000 once again. The altcoins have followed suit with daily declines. Ethereum slid below $2,000, while Cardano, Solana, and Avalanche are deeper in the red.
Bitcoin Stopped at $30K
After last week’s sideways trading, in which BTC remained stuck around the $30,000 mark, the cryptocurrency calmed during the weekend and stood just under that line.
The bulls came out to play on late Sunday evening and pushed the asset north. As a result, bitcoin spiked above that level and kept climbing to a multi-day high of $30,600 (on Bitstamp).
However, as it has happened numerous times in the past two weeks, BTC ultimately failed at that point and reversed its trajectory. In a matter of hours, bitcoin slumped by almost $2,000 and found itself trading at $29,000 once again.
As of now, it has reclaimed some ground, but it’s still more than 3% down on the day. Consequently, its market cap has declined to $560 billion.
ETH Below $2K, AVAX Dumps Hard
Similar to bitcoin, most alternative coins have retraced today. Ethereum leads the way as it neared $2,100 at one point yesterday, but it failed there. A 4% decline since then has pushed the second-largest cryptocurrency to below $2,000.
Ripple, Polkadot, and Dogecoin have marked similar daily decreases, while BNB has remained relatively still.
More losses, though, are evident from Cardano, Solana, Shiba Inu, and Avalanche. AVAX is down by 9% in a day and sits well below $30.
The crypto market cap has erased all of yesterday’s gains and is back at $1.260 trillion.
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