Cryptocurrency prices today: Bitcoin drops below $30,000 again

The cryptocurrency market experienced a drop today as Bitcoin prices fell below $30,000 for the second time after trading over the $31,000 mark in recent sessions. The world’s largest and most popular cryptocurrency fell 3% in the early hours of Saturday, trading at $29,623.79.

It is worth mentioning that the popular digital coin has plummeted more than 35% this year and is now trading well below the top of $69,000 it reached in November of last year. Today’s worldwide cryptocurrency market value is $1.27 trillion, a 3.8% decrease in the previous 24 hours.

The second-largest cryptocurrency, Ether, the token tied to the Ethereum network, fell 4% on Saturday, trading at $1,758.84. Furthermore, Dogecoin was trading 2.8% down today at $0.080677, and Shiba Inu was down 4% at $0.00001069. Solana fell 12% in the early hours of Saturday, selling at $36.33.

Meanwhile, Bitcoin momentarily recovered on Thursday after falling along with markets, but it ran into resistance near the $30,000 level, where it has been trading for the previous month. Since the collapse of the TerraUSD stable coin caused a global crypto selloff in early May, Bitcoin has only momentarily departed from the $30,000 level.

Bitcoin staged a mini-rally to start the week, soaring to a three-week high of $32,359 on Tuesday, giving some market participants confidence that it will continue to rise. Cryptocurrencies have suffered as the Federal Reserve and other central banks raise interest rates to battle persistently high inflation. Solana underperformed due to a network failure, which was eventually restored. The popular DeFi token was barely changed at roughly $40.50, down 6.6% after plunging 11% on Wednesday.