Bitcoin Rejected at $30K Again, Avalanche Slumps 9% (Market Watch)

By | May 24, 2022


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 $30K

After last week’s sideways trading, in which BTC remained stuck around the $30,000 mark, the cryptocurrency calmed during the weekend and stood just under 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 it has happened numerous times in the past two weeks, BTC ultimately failed at that point and reversed its trajectory. In a matter of hours, bitcoin slumped by almost $2,000 and found itself trading at $29,000 once again.

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.

BTCUSD. Source: TradingView

ETH Below $2K, AVAX Dumps Hard

Similar to bitcoin, most alternative coins have retraced today. Ethereum leads the way as it neared $2,100 at one point yesterday, but it failed there. A 4% decline since then has pushed the second-largest cryptocurrency to below $2,000.

Ripple, Polkadot, and Dogecoin have marked similar daily decreases, while BNB has remained relatively still.

More losses, though, are evident from Cardano, Solana, Shiba Inu, and Avalanche. AVAX is down by 9% in a day and sits well below $30.

The crypto market cap has erased all of yesterday’s gains and is back at $1.260 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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