Bitcoin’s price movements have been lackluster as the asset failed to sustain its momentum above $66,400 and was pushed down towards $64,000 multiple times in the past week. Despite reaching highs of $70,000, it faced significant rejections that brought its price below $65,000 by Friday. The weekend saw a slight recovery, with Bitcoin trading just over $66,000. However, the start of the new week brought another leg down towards $64,000, marking a monthly low for the cryptocurrency.
The altcoin market has also turned red, with many coins experiencing painful declines, especially within the meme coin niche. Ethereum (ETH) is down by more than 3%, trading below the $3,500 support level. Other major altcoins like Binance Coin (BNB), Solana (SOL), Shiba Inu (SHIB), Polkadot (DOT), Chainlink (LINK), Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA) have all witnessed losses as well. Additionally, meme coins such as WIF, JASMY, BONK, BRETT, PEPE, and FLOKI have plummeted to multi-month lows, with daily losses exceeding 8%.
The recent price drops in the crypto market coincide with continuous outflows from spot Bitcoin ETFs. On June 19, withdrawals reached close to $140 million, with Grayscale Bitcoin Trust (GBTC) outpacing Purpose Bitcoin ETF (FBTC) for the first time in days. As a result, Bitcoin’s market cap has slumped to $1.265 trillion, with its dominance over altcoins slightly increasing to 51.5%.
The cumulative market cap of all crypto assets has seen a significant drop of about $50 billion in a single day. As Bitcoin struggles to stay above $64,000 and altcoins face widespread declines, investors are closely monitoring the market for any signs of recovery. Despite the recent setbacks, many analysts remain optimistic about the long-term potential of cryptocurrencies and believe that the current price movements are part of the natural market cycle.
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