Bitcoin jumped to above $31,000 but was quickly stopped in its tracks and is now back below the $30,000 line. Most altcoins are also relatively calm on a daily scale, with Cardano being among the few exceptions after a near 6% increase.
Bitcoin Failed at $31K
Last week turned out to be one of the most violent for the primary cryptocurrency in recent history as it dipped to an 18-month low of $25,300. Despite recovering several thousand dollars, the week still closed in the red, making it seven in a row.
This came even with yesterday’s price increase to and beyond $30,000. In fact, the asset jumped to a multi-day high of over $31,000, where it stood for a while but ultimately failed.
The subsequent rejection drove it south by more than $2,000. In just a matter of hours, BTC slumped to around $29,500. As of now, it sits a few hundred dollars upwards and is close to the $30,000 mark.
Bitcoin’s market capitalization, which is down by over $100 billion in a week or so, is now situated at $565 billion. Its dominance over the altcoins has increased during the most recent corrections and is above 44%.
ADA Leads as Alts Stall
The alternative coins experienced similar if not worse retracements than bitcoin since the start of the month.
Ethereum went from over $3,000 to a multi-month low of $1,700 in days. It bounced off and reclaimed $2,000 in the following days and remains there now as well.
Binance Coin is close to $300 after a minor daily increase. Ripple, Polkadot, Dogecoin, Avalanche, and Shiba Inu are also slightly in the green now.
Solana and Cardano have jumped the most on a 24-hour scale. SOL is up by 4.5%, while ADA has increased by 5.5% to $54 and $0.56, respectively.
The crypto market cap continues to struggle below $1.3 trillion. The metric lost more than $500 billion since the correction started in early May.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
