Bitcoin’s affair above $30,000 didn’t last long once again, as the asset fell beneath that level rather violently and even dipped to $29,000. The altcoins are in no better condition, with Ethereum sliding below $1,800, while Solana and Tron have marked substantial daily losses.
BTC Back Below $30K
After the violent May, in which bitcoin ended each week with a red candle, thus continuing its negative streak, the landscape seemed more positive at the start of June when it jumped above $30,000.
In fact, BTC spiked to a multi-week high of $32,400, which gave the community expectations that the worst might be over. However, the predominantly bearish market sentiment returned rather quickly, and the cryptocurrency fell by over $3,000 in hours to just over $29,000.
Bitcoin tried its hand at $30,000 once again yesterday, and it seemed like a successful attempt at first, but the situation changed shortly after. This rejection brought BTC south to a familiar level at $29,200.
As of now, the asset has reclaimed some ground and stands close to $30,000. Nevertheless, its 2% down on the day, and its market capitalization has declined to $565 billion. Its dominance over the altcoins, though, has increased slightly to 46.3%.
Alts See Only Red
The alternative coins didn’t enjoy the past 24 hours, as red is visible across all charts. Ethereum leads this adverse trend with a 2.5% daily decline. Consequently, the second-largest crypto has gone beneath $1,800.
Binance Coin struggles to sustain $300 after a similar decline. Cardano, Ripple, Dogecoin, Polkadot, Avalanche, and Shiba Inu are in the red as well.
However, Solana and Tron have experienced the most substantial daily drops. SOL, amid the latest network issues, has lost another 8% of value and is now well below $40. TRX, on the other hand, is down by 6% to $0.08.
With most other lower- and mid-cap alts in a similar condition, the overall crypto market cap has declined to $1.220 trillion. This means that the metric has lost roughly $100 billion in the past three days alone.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.