Bitcoin Stalls Below 30K, Polkadot Recovers another 7% (Weekend Monitor)

After the sudden volatility that sent Bitcoin south by five figures, Bitcoin has settled just below and around $30,000 Most altcoins remain quite static on a daily basis. There are a few exceptions such as Monero, Bitcoin Cash and Polkadot.

Bitcoin Priced Below $30K

The last ten days have been volatile for bitcoin and the entire market. The biggest digital asset was worth close to $40,000, before falling by $4,000 in one day. It dropped further in the following days, and was struggling to maintain a value of $30,000 by May 11.

It seemed almost certain that it would break below this level. And it did, on May 12. BTC plunged nearly $5,000 to its lowest point since December 2020, at $25,300 (on Bitstamp).

After a $15,000 drop over a week, it quickly reacted and recovered $6,000 in one day. It briefly touched $31,000. Nevertheless, it failed there and retraced below $30,000 where it’s currently sitting. Its market cap is now just above $550 billion.

Altcoins Stall; DOT Soars

Altcoins experienced something very 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 back at that point and reclaimed $2,000 days later.

After dropping to $230 days ago, Binance Coin now stands at $300. However, the majority of larger-cap alts are in the red on a daily basis. Ripple (Cardano), Solana Polkadot and TRON have seen their returns increase by as much as 4%.

Avalanche and Polkadot are the only ones with notable price gains. AVAX is up 3%, while the DOT has soared more than 7% and trades north at $11.

From the lower- and mid-cap alts, Bitcoin Cash and Monero have gained the most – between 5% and 7%.

The crypto market cap is at $1.250 Trillion, despite being relatively quiet over the last two days.

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