After yesterday’s short price rally to $31,000, Bitcoin paused and went back below $30,000.

Currently (at time of publication) most altcoins are in the red, with the exception of Tron and Polkadot, both of which are up around 4%.

Bitcoin fails to sustain the $31,000 level:

No other term can better explain what happened last week than “massacre”.

On May 5 Bitcoin was near $40,000 on May 5 before the bears took full control of the market and pushed it south with force.

Initially, Bitcoin lost $4,000 in one day before the market sentiment plunged further into negative and extends the bitcoin price down to $33,000 and later to $30,000.

Read:SEC imposes fees on 2 crypto companies and 4 individuals for their involvement in the pump and dump program

Then it turned out that the date of May 12, 2022 was the most violent during this crash as the price of Bitcoin fell to $ 25,300 (on the Bitstamp trading platform), which became the lowest price since late December 2020.

At that level, the bulls reminded of their existence and drove the major cryptocurrency north.

In just one day, the price of Bitcoin recovered around $6000 and rose to $31,000.

But the price of Bitcoin failed to break that level twice and has rebounded around $2000 since then.

As a result, the market capitalization of Bitcoin has fallen on a daily scale and currently stands at $559 billion.

TRX and DOT make more gains:

Altcoins have gone through a rollercoaster similar to the Bitcoin movement, if not more violent, in the past 10 days.

Ethereum was close to $3,000 before dropping to a multi-month low of $1,700.

However, the second largest cryptocurrency reacted well as it touched the $2100 level yesterday.

Although it has bounced a bit since then, Ethereum is still standing above $2000 so far.

The price of Binance coin dropped to around $230, after which it rebounded and reached the $300 level yesterday, and it is now trading at less than $290 after a slight daily decline.

Read:How will Bitcoin perform after the Ethereum integration upgrade?

While Ripple, Dogecoin, Shiba Inu, and Litecoin are in the red, Cardano and Avalanche are all down more than 7% in a single day.

TRX and DOT are among the very few coins in the green, with price increases of around 4% each.

The market capitalization of cryptocurrencies is around $1.260 trillion, which means it has risen by $140 billion since its low on May 12.

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