Bitcoin’s attempt to decisively overcome the $30,000 level failed once more, and the asset dumped hard in a matter of hours. The alternative coins went through similar dumps, with SOL, AVAX, and BNB leading the adverse trend.
At the end of last month, bitcoin soared to a multi-week high above $32,000 after breaking above $30,000. It failed at that point and quickly dumped to $29,000 a day later.
Following a few days of sideways trading, in which the cryptocurrency remained mostly around and beneath the $30,000 mark, the asset went on the offensive again yesterday.
This time, the bulls drove it north to just under $32,000. While the community was preparing for another leg up, a similar scenario followed as bitcoin dumped hard by almost $3,000 in hours. This resulted in a large number of liquidations and a drop to $29,000.
As of now, BTC has reclaimed some ground but still trades below $30,000. Consequently, its market capitalization has dropped to $565 billion, but its dominance over the altcoins stands still above 46%.
The altcoins jumped high yesterday, only to be halted as of now. Ethereum was among the most substantial price gainers as it touched $1,900. Now, though, the second-largest crypto struggles below $1,800 following a 7% daily decline.
BNB, among the latest speculations about an SEC investigation, has dumped by 9% to well below $300. Similar price drops are evident from Cardano, Polkadot, Solana, and Avalanche.
Although with more modest drops, Ripple, Dogecoin, and Tron are also in the red from the larger-cap alts. Even more losses are evident from ICP, Convex Finance, Aave, THORChain, Neo, Chiliz, The Graph, and many others.
Ultimately, the crypto market cap has dropped by almost $100 billion in a day to around $1.2 trillion.