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 $30,000
After last week’s sideways trades, in which BTC remained stuck around the $30,000 mark, the cryptocurrency calmed down over the weekend and settled just below 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 has happened many times over the past two weeks, BTC ultimately failed at this point and reversed course. Within hours, bitcoin fell nearly $2,000 and traded again at $29,000.
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 $2,000, AVAX Rids Hard
Similar to bitcoin, most alternative coins pulled back today. Ethereum leads the way as it approached $2,100 at some point yesterday, but failed there. A 4% drop since then has pushed the second-largest cryptocurrency below $2,000.
Ripple, Polkadot, and Dogecoin have marked similar daily decreases, while BNB has remained relatively still.
More losses, however, are evident from Cardano, Solana, Shiba Inu and Avalanche. AVAX is down 9% in one day and sits well below $30.
The crypto market cap has erased all of yesterday’s gains and is back at $1.260 trillion.
