Yesterday, Bitcoin reached a fresh 13-month high, surging to $31,500. However, the subsequent rejection exerted significant downward pressure, causing the cryptocurrency to decline sharply and dip below $30,000 on several instances.
Alongside Bitcoin’s decline, altcoins have also experienced a downturn, resulting in losses for various cryptocurrencies such as Litecoin, Bitcoin Cash, Lido DAO, and others.
Bitcoin To Drop Below $30K?
After massive volatility recorded last Friday, which pushed Bitcoin above $31,000 to a 10-day low of $29,500, the flagship crypto seems to have calmed down and spent the days that followed at about $30,500 without any significant moves.
All that started changing mid-week when the asset climbed past $31,000 but it was stopped once more. After it dropped back below $30,000, it charged on the offensive again on Thursday and spiked to reach a new 13-month peak of around $31,500 (on Bitstamp).
As the bulls were getting ready for another leg-up, the bears came out of nowhere and brought Bitcoin crashing down hard. Within an hour, the crypto had lost over $1,500 and dropped to $29,700 earlier today with signs indicating that the recent rally is cooling down.
Naturally, the massive volatility injured the over-leveraged traders, as the cumulative liquidations spiked to more than $140 million at some point.
Currently, Bitcoin is trying to hold onto $30,000, but its market cap is down by around $20 billion to below $585 billion.
Altcoins Are Being Slaughtered
As normally happens when Bitcoin encounters massive volatility, so do the altcoins, and many are red currently. Binance Coin and Ethereum are down by similar percentages, between 4-5%. In that context, ETH has plunged to $1,860, while BNB is below $235.
Dogecoin, Ripple, Solana, Cardano, Polygon, Avalanche, and Polkadot are also deep in the red on the daily charts. Bitcoin Cash has lost over 5% in a day to trade at $280. Litecoin was among the top performers in this market until several weeks ago. It has lost 9% and trades well below $100.
More losses have been recorded from the Likes of APT, ETC, XLM, VET, LEO, LINK, ICP, SHIB, AAVE, and others. LDO has lost 10.5% in one day and is struggling at $1.9.
In general, the crypto market cap has seen $50 billion lost since yesterday’s peak, and the metric is now down to $1.170 trillion on CoinMarketCap.
