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Bitcoin has calmed just under and around the $30,000 level after the recent massive volatility that brought the asset south by five digits. Most altcoins are also quite stagnant on a daily scale, with a few exceptions, such as Polkadot, Bitcoin Cash, and Monero.
Bitcoin Stands Still Below $30K
The past ten days were nothing short of a volatile rollercoaster for bitcoin and the rest of the market. The largest digital asset stood close to $40,000 before it plummeted by $4,000 in a day. It dumped further more in the next couple of days and found itself struggling to remain above $30,000 by May 11.
However, it seemed almost inevitable that it will break below that level, and it did on May 12. At that point, BTC slumped by nearly $5,000 to its lowest price position since December 2020 at $25,300 (on Bitstamp).
After this $15,000 drop in about a week, it reacted well and recovered $6,000 in a day, briefly tapping $31,000. Nevertheless, it failed there and retraced below $30,000 where it’s currently sitting. As such, its market cap stands at just over $550 billion.
BTCUSD. Source: TradingView
Altcoins Stall, DOT Soars
The altcoins went through something quite similar to bitcoin. Ethereum traded at $3,000 earlier in May but dumped to a multi-month low at $1,700 during the correction’s most violent day. It bounced off at that point and reclaimed the $2,000 line days later.
Binance Coin is close to $300 now, after dipping to $230 days ago. On a daily scale, though, most larger-cap alts are slightly in the red. Ripple, Cardano, Solana, Polkadot, TRON, and Shiba Inu have retraced by up to 4%.
Polkadot and Avalanche are the only two with notable price gainers. AVAX is up by 3%, while DOT has soared by more than 7% and trades north of $11.
From the lower- and mid-cap alts, Bitcoin Cash and Monero have gained the most – between 5% and 7%.
The crypto market cap has remained relatively sluggish in the past two days and is now at $1.250 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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