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    Home » Market Updates » Weekend Watch: BTC Rejected at $30K, LUNA and UST Dump Another 20%

    Weekend Watch: BTC Rejected at $30K, LUNA and UST Dump Another 20%

    Author: Jordan Lyanchev

    Last Updated May 21, 2022 @ 08:44

    LUNA and UST continue to drop by double-digit percentages per day, while BTC remains stuck below $30K after another rejection.

    After reaching and briefly exceeding $30,000 yesterday, bitcoin was rejected and dropped by more than a grand. Most altcoins are also slightly in the red today, with ETH struggling beneath $2,000 and SOL down to $50. LUNA and UST continue to lose value.

    Bitcoin Rejected at $30K

    Ever since last week’s massacre, bitcoin has been unable to decisively overcome the coveted $30,000 level. In the past several days, it made numerous attempts but was halted in its tracks after each.

    On May 16 and 17, BTC even spiked to $31,000 but was stopped on both occasions and fell back down to a familiar level. On May 19, the cryptocurrency dropped below $29,000, where the bulls stepped up and didn’t allow any further declines.

    Just the opposite, bitcoin went on the offensive and jumped by $2,000 in a day to a daily high of $30,750 yesterday. However, the generally bearish market state resulted in another rejection, and BTC dumped by $2,000 in hours.

    After bouncing off at $28,750 (on Bitstamp), bitcoin jumped above $29,000, where it’s currently situated as well. As such, its market cap has declined slightly to $560 billion, and the dominance over the alts is at 44.6%.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    ETH Below $2K, UST, LUNA Keep Plunging

    The alternative coins have largely mimicked BTC’s performance as of late, and the past 24 hours brought some minor declines again.

    Ethereum traded above $2,000 yesterday, but a 2.5% decrease has driven the second-largest cryptocurrency to just under that level as of now.

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

    The never-ending drama surrounding Terra‘s two native cryptocurrencies continues, as both LUNA and UST have dropped by another 20% in the past 24 hours.

    Ultimately, the crypto market cap is down to $1.250 trillion after touching $1.3 trillion yesterday.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto
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    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.
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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