After hitting and briefly breaking above $30,000 yesterday, bitcoin was rejected and fell more than a grand. Most altcoins are also slightly in the red today, with ETH struggling below $2000 and SOL up to $50. LUNA and UST continue to lose value.

Bitcoin Rejected at $30,000

Since last week’s massacre, bitcoin has been unable to decisively break above the coveted $30,000 level. Over the past few days, he has made many attempts but has been stopped short after each one.

On May 16-17, BTC even surged to $31,000 but was halted twice and fell back to a familiar level. On May 19, the cryptocurrency fell below $29,000 where the bulls escalated and allowed no further declines.

On the contrary, bitcoin went on the offensive and surged from $2,000 in one day to hit a daily high of $30,750 yesterday. However, the generally bearish state of the market led to another rejection and BTC lost $2,000 in hours.

After rebounding from $28,750 (on Bitstamp), bitcoin surged above $29,000, where it also currently sits. Thus, its market capitalization has slightly decreased to $560 billion, and the alts dominance is 44.6%.

BTCUSD. Source: Trading View

ETH below $2,000, UST, LUNA continue to dive

Alternative coins have largely mimicked BTC’s performance lately, and the past 24 hours again brought some minor dips.

Ethereum traded above $2,000 yesterday, but a 2.5% drop has led the second-largest cryptocurrency to just under that level for now.

Binance Coin is holding above $300 and Cardano is north of $0.50 after insignificant daily retracements. On the other hand, RIpple, Solana and TRON lost more value. Polkadot, Dogecoin, Avalanche and Shiba Inu are also slightly in the red.

The endless drama surrounding Terra’s two native cryptocurrencies continues as LUNA and UST have fallen another 20% in the past 24 hours.

Ultimately, the crypto market cap fell to $1.25 trillion after hitting $1.3 trillion yesterday.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography
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Cryptocurrency charts by TradingView.



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