Lookonchain attributed the recent drop in BTC’s price to a r | Batmicheal_crypto on Binance Square

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Lookonchain attributed the recent drop in BTC’s price to a recent whale selloff.

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The altcoins mentioned in van de Poppe’s tweets were PEPE, GRT, AVAX, and QNT.

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Bitcoin price hit a 30-day low on May 24 at $26,113 as traders worry that a larger price dip is possible, noting that the 5% 24-hour drop is a key moment of truth for the crypto market.

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Right as analysts thought that Bitcoin (BTC) was on the cusp of showing signs of a price breakout, the crypto market took a turn to the downside amid increased regulatory uncertainty. Now it seems BTC is stuck far below the $28,000 resistance level.

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Bitcoin ordinals trading volume currently stands in second place behind Ethereum, which did $393 million in NFT volume, more than twice that of ordinals on Bitcoin (BTC) in 30-days starting April 23. Bitcoin gained a significant lead over popular blockchains like Polygon, ImmutableX, BNB Chain and Solana during this period.

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