Weekend Watch: BTC Rejected at $30K, LUNA and UST Dump Another 20%

After reaching and briefly exceeding $30,000 yesterday, bitcoin was rejected and dropped by more than a grand. Most altcoins are also slightly in the red today, with ETH struggling beneath $2,000 and SOL down to $50. LUNA and UST continue to lose value.

Bitcoin Rejected at $30K

Ever since last week’s massacre, bitcoin has been unable to decisively overcome the coveted $30,000 level. In the past several days, it made numerous attempts but was halted in its tracks after each.

On May 16 and 17, BTC even spiked to $31,000 but was stopped on both occasions and fell back down to a familiar level. On May 19, the cryptocurrency dropped below $29,000, where the bulls stepped up and didn’t allow any further declines.

Just the opposite, bitcoin went on the offensive and jumped by $2,000 in a day to a daily high of $30,750 yesterday. However, the generally bearish market state resulted in another rejection, and BTC dumped by $2,000 in hours.

After bouncing off at $28,750 (on Bitstamp), bitcoin jumped above $29,000, where it’s currently situated as well. As such, its market cap has declined slightly to $560 billion, and the dominance over the alts is at 44.6%.

BTCUSD. Source: TradingView

ETH Below $2K, UST, LUNA Keep Plunging

The alternative coins have largely mimicked BTC’s performance as of late, and the past 24 hours brought some minor declines again.

Ethereum traded above $2,000 yesterday, but a 2.5% decrease has driven the second-largest cryptocurrency to just under that level as of now.

Binance Coin sustains above $300, and Cardano is north of $0.50 after insignificant daily retracements. In contrast, RIpple, Solana, and TRON have lost more value. Polkadot, Dogecoin, Avalanche, and Shiba Inu are also slightly in the red.

The never-ending drama surrounding Terra‘s two native cryptocurrencies continues, as both LUNA and UST have dropped by another 20% in the past 24 hours.

Ultimately, the crypto market cap is down to $1.250 trillion after touching $1.3 trillion yesterday.

Cryptocurrency Market Overview. Source: Quantify Crypto