Bitcoin Below $30K, About to Close 8 Consecutive Week in Red


Despite challenging $30,000 yesterday at one point, bitcoin was unable to overcome it and remains stuck below that line. Most altcoins are quite calm on a daily scale, with a minor increase from BNB and a more substantial jump from NEAR Protocol.

Bitcoin Stands Still Below $30K

Last week was a highly emotional and fluctuating roller-coaster in which BTC slumped by $15,000 at one point and bottomed at $25,300. This week turned out to be calmer, but the asset is on the doorsteps of yet another weekly red candle.

Back on May 16, the cryptocurrency spiked to a multi-day high of over $31,000. Despite failing there at first, it took another swing the next day but was rejected once more.

The retracement pushed it south to below $29,000, but then the bulls stepped up once more and drove it upwards by $2,000. Yet, a familiar scenario followed, and BTC found itself dipping to $28,750 once again.

Since then, the asset has remained stuck below $30,000 despite recovering several hundred dollars. As such, its market cap sits still at $560 billion, and its dominance over the alts is at 44.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BNB and NEAR Lead the Race

The altcoins have remained untypically calm today, with little-to-no substantial movements from most. Ethereum lost the $2,000 mark yesterday and sits below it as of now as well.

Related:  Analyst Warns of Increased Bitcoin Volatility as Futures Traders Step In

Ripple and Avalanche are slightly in the red, while Solana, Cardano, Polkadot, and Dogecoin have painted minor increases.

Binance Coin has gained the most from the larger-cap alts with a 3% jump. Consequently, BNB sits at a multi-day high of $315.

NEAR Protocol is up by 5.5% on a daily scale and has reclaimed $6. Stellar, Theta Fuel, and The Sandbox are also in the green.

Somewhat expectedly, the crypto market cap is relatively calm as well and stands at $1.260 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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