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Bitcoin Struggles at $30K as Crypto Market Cap Plummets to 10-Month Lows (Market Watch)

11 May, 20222 min readBitcoin
Bitcoin Struggles at $30K as Crypto Market Cap Plummets to 10-Month Lows (Market Watch)

The past 24 hours brought more pain to the cryptocurrency market, with bitcoin barely managing to remain above $30,000. Most altcoins are in much worse shape, but none has lost more value than Terra in the past few days.

Bitcoin Struggles at $30K

It’s safe to say that the primary cryptocurrency has seen better days. It was less than a week ago when it challenged $40,000 but failed in its tracks. After remaining just shy of that level, the market tumbled, and BTC led the adverse trend.

Firstly, the asset plummeted by $4,000 and found itself sitting at a multi-week low beneath $36,000. While that was a painful price drop of its own, it was just the start. Hours later, the bears pushed it south once more, and bitcoin dumped to $33,000.

The situation took another change for the worse yesterday when BTC lost more than $3,000 and dropped below $30,000 for the first time since last July. This means that it had dumped by $10,000 in about four days.

It tried to recover and spiked to $32,500, but that was short-lived. As of now, bitcoin struggles at around $31,000, and its market capitalization has plunged below $600 billion.

Massive Losses Among Alts

Despite plummeting in value in the past several days, similar to the rest of the market, Ethereum is in a slightly better position today. It has gone down by a more modest 2% and stands around $2,350 after dipping to $2,200 yesterday.

The rest of the larger-cap alts are well in the red. Binance Coin struggles to remain above $300 after another 6.5% decline. Solana, Cardano, Dogecoin, Polkadot, Shiba Inu, and MATIC have all plunged by around 10% in the past 24 hours alone.

Avalanche and NEAR Protocol have dumped even more. AVAX is down by 22%, while NEAR has shed 20% of its value.

Nevertheless, Terra has lost the most value, once again. LUNA is down by 85% in a day to a yearly low of around $5. Moreover, the asset has dropped by 95% in the past week.

Overall, the crypto market cap has declined to $1.350 trillion, the lowest the metric has seen since last July.

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