Bitcoin prices fell below USD30,000 once again today, after trading above USD31,000 in the previous several days, sending the cryptocurrency industry into a nosedive. During the early hours of Saturday, the world's largest and most popular cryptocurrency fell 3% and was trading at USD29,623.79.
It's worth noting that the popular digital token has plummeted over 35% so far this year, and is now trading well below its November 2017 high of USD69,000. The market capitalisation of all cryptocurrencies is now USD1.27 trillion, down 3.8 percent in the last 24 hours.
Ether, the second most valuable cryptocurrency and the unit tied to the Ethereum blockchain, fell 4% to USD1,758.84 on Saturday. In addition, Dogecoin is currently trading at USD0.080677, down 2.8 percent, while Shiba Inu is down 4% to USD0.00001069. Solana traded at USD36.33 in the early hours of Saturday, down a stunning 12 percent.
Meanwhile, Bitcoin rose briefly on Thursday after falling with the stock market, but it ran into resistance near the USD30,000 level, where it has been trading for the previous month.
Since the collapse of the TerraUSD stablecoin caused a broad crypto selloff in early May, Bitcoin has only momentarily departed from the USD30,000 level. According to Bloomberg Intelligence analyst Jamie Douglas Coutts, the token might "create a cyclical low" in the second half of this year, based on previous market cycles.
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