Solana, BNB, and Cardano all have 5% declines as Bitcoin drops below $30,000

The price of Bitcoin and other popular cryptocurrency tokens as treasury yields increased, banking turbulence receded, and investors stayed away from riskier investments. Some experts claim that the appeal of cryptocurrencies is waning as the threat of banking instability seems to be decreasing.

The largest cryptocurrency token, Bitcoin, fell as much as 2% to breach the crucial psychological threshold of $30,000. This was due to some profit taking. The price of Ethereum dropped by around 2% to cross the $2,100 threshold. The pain was primarily greater in the altcoin.

All cryptocurrency tokens were trading down on Tuesday, with a few outliers. Solana saw a more than 5% decline, while Litecoin, Cardano, and BNB all experienced a 3% decline. On the other hand, Dogecoin increased by more than 2% and Avalanche marginally.

The market capitalization of all cryptocurrencies was down around $1.25 trillion, dropping more than 1% over the previous day. The total trade volume did, however, increase by as much as 8% to $43.65 billion.