Bitcoin jumped to above $31,000 but was quickly stopped in its tracks and is now back below the $30,000 line. Most altcoins are also relatively calm on a daily scale, with Cardano being among the few exceptions after a near 6% increase.
Bitcoin Failed at $31K
Last week turned out to be one of the most violent for the primary cryptocurrency in recent history as it dipped to an 18-month low of $25,300. Despite recovering several thousand dollars, the week still closed in the red, making it seven in a row.
This came even with yesterday’s price increase to and beyond $30,000. In fact, the asset jumped to a multi-day high of over $31,000, where it stood for a while but ultimately failed.
The subsequent rejection drove it south by more than $2,000. In just a matter of hours, BTC slumped to around $29,500. As of now, it sits a few hundred dollars upwards and is close to the $30,000 mark.
Bitcoin’s market capitalization, which is down by over $100 billion in a week or so, is now situated at $565 billion. Its dominance over the altcoins has increased during the most recent corrections and is above 44%.
ADA Leads as Alts Stall
The alternative coins experienced similar if not worse retracements than bitcoin since the start of the month.
Ethereum went from over $3,000 to a multi-month low of $1,700 in days. It bounced off and reclaimed $2,000 in the following days and remains there now as well.
Binance Coin is close to $300 after a minor daily increase. Ripple, Polkadot, Dogecoin, Avalanche, and Shiba Inu are also slightly in the green now.
Solana and Cardano have jumped the most on a 24-hour scale. SOL is up by 4.5%, while ADA has increased by 5.5% to $54 and $0.56, respectively.
The crypto market cap continues to struggle below $1.3 trillion. The metric lost more than $500 billion since the correction started in early May.