Explode Africa
2 min readJun 2, 2022

Bitcoin Drops Below $30K, Solana Slumps 12 Percent in New Power Outages (MarketWatch) Bitcoin’s adventure above $32,000 was short-lived as the asset fell by a few thousand dollars and dipped below $30,000. Today’s altcoins are also red. ETH is sliding to $1800 and SOL is dumping hard due to the latest network issues.

Bitcoin Drops Below $30K

After struggling for weeks to surpass $30,000, bitcoin finally achieved its goal a few days ago. The local peak was over $32,000. Yesterday also saw a minor record. When the community was expecting more price rises, the bears reminded the market of their dominance and presence. BTC plunged by almost $3,000 in a matter hours and fell to just over $29,000. As expected, increased volatility led to massive pain for traders who were over-leveraged. One point saw liquidations exceeding $500 million on a 24 hour scale. The cryptocurrency is close to the $30,000 mark and has gained some traction. Its market capitalization dropped to $600 billion, but it is still a dominant altcoin.

Alts See Dark Red

While altcoins grew alongside BTC, most of them have suffered substantial losses today. This negative trend is led by Ethereum, which has seen a 5.5% daily drop. The second-largest cryptocurrency, Ethereum, has fallen to just over $1800, after a close call of $2,000 yesterday. BNB is inching closer to breaking $300, following a similar decline in its price. Cardano and Ripple have also fallen by as much as 6%, while Tron, Dogecoin and Tron are down more than 8% per day. Solana is the biggest loser. SOL has fallen by more than 11% in 24 hours following yesterday’s network problems. With the lower- and mid-cap alts also in the red, it’s no surprise that the overall crypto market cap is down by $70 billion to below $1.250 trillion.

Explode Africa

Gateway to News Africa! | All about Startups and Entrepreneurship.