Crypto

The King Cryptocurrency Bitcoin Rejected at $30K

Some currencies like BTC, ETH and BNB as well as some of the altcoins have stalled since yesterday, but others like TRX and DOT have marked some gains.

After the short price surge yesterday to $31K, The king cryptocurrency stalled and went back to less that $30K again. Also most of the altcoins are trading in red today, except for the 2 Polkadot and TRON which are up by 4%.

The actions occurred last week can not be described as they were massacre and deadly. The largest cryptocurrency in the market Bitcoin stood near $40K price on the 5th of this month, but the bears had different idea as they tool complete control over the crypto market and pushed it south super hard.

At the very beginning of the story, Bitcoin lost what is worth of $4K, one day before the negative sentiment took the currency down to $33K then deeper down to $30K. However, 12th of May was the worst among other days as Bitcoin dipped to reach $25K which is considered the lowest level since Dec 2020.

when the currency reach this much low, the bulls remembered their presence and drove the Bitcoin north, as they could manage to recover what is worth of $6K and surged to $31K. However, the assets failed again and retraced about $2K since then.

Due to the situation, Bitcoin market cap has declined on a daily scale and stands just north of $550 billion.

As for altcoins, they also witnessed the same situation if not much rollercoaster in the previous few days. As Ethereum was close tp $3K, before it went down to a multi-month low of $1,700. However, ETH retraced well yesterday to touch $2,100.

While Shiba Inu, Dogecoin, Litecoin and Ripple are trading currently in red, as both Avalanche and Cardano dropped by 7% in one day. The only 2 TRON and Polkadot are among the very few coins in the green, with price increases of around 4% each.

Bitcoin is trading by the time of writing this article in red at $28,840.08 price.

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