Bitcoin Rejected Again At $30K, Avalanche Down 9% (Market Watch)


In the last 24 hours, a familiar scenario has arisen as Bitcoin has been rejected again by the cryptocurrency market at $30,000. Altcoins continued to decline every day. Ethereum fell below $2,000 while Cardano, Solana and Avalanche posted deeper losses.

Bitcoin Stopped at $30K.

After trading sideways last week when BTC stayed near $30,000, the cryptocurrency calmed down over the weekend, staying just below that line.

The bulls came into the game late on Sunday evening and pushed the asset north. As a result, Bitcoin surged above that level (based on Bitstamp) and rose to a high of $30,600 in several days.

However, this has happened several times in the past two weeks, so BTC eventually failed at that point and reversed its trajectory. Within hours, Bitcoin plummeted to nearly $2,000 and was found trading again at $29,000.

It has some evidence now, but is still down more than 3% for the day. As a result, its market capitalization fell to $560 billion.

BTCUSD. Source: TradingView

ETH Under $2,000, AVAX Hard Dump

Similar to Bitcoin, most alternative coins have rebounded today. Ethereum was leading the way at close to $2,100 at one point yesterday, but failed there. With a 4% drop since then, the second-largest cryptocurrency has fallen below $2,000.

Ripple, Polkadot and Dogecoin displayed similar daily declines, while BNB remained relatively stable.

However, more losses are evident from Cardano, Solana, Shiba Inu and Avalanche. AVAX is down 9% on the day and is below $30.

Cryptocurrency market cap wiped out yesterday’s gains and returned to $1.26 trillion.

Cryptocurrency market overview.  Source: Cryptocurrency Quantification
Cryptocurrency market overview. Source: Cryptocurrency Quantification
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