The total cryptocurrency market cap is below $2.5 trillion again.
Bitcoin price woes have intensified in the past few hours as the asset fell to its lowest levels in almost two months, below $70,000.
Interestingly, some major altcoins posted lower gains or losses than Bitcoin, which hurt its market dominance.
Digging Bitcoin dominance
It was just a few weeks ago when the underlying cryptocurrency was rising above $80,000 and was even challenging $82,000 and $83,000. However, the subsequent rejection and correction were extremely painful. It quickly lost the $80k support and fell to $75k on May 23/24.
After a quick but unsuccessful bounce attempt that stopped at $78,000, the bears took control again and began another decline that took Bitcoin’s price below $74,000 in late May. Bitcoin has maintained between $73,000 and $74,000 for a few days now. I collapsed As June began.
It first fell to $71,000 yesterday, where it found some support, but that was short-lived. Bears keep the pressure mounting, and BTC It crashed Below $70,000 earlier today for the first time since April 8 amid some volatility Mount Jokes Conversions. Furthermore, its market dominance has declined significantly with many altcoins suffering minor losses.
The metric is down to 56.3% on CG, down about 2% in the last week or so. Its market capitalization is now struggling to stay above $1.4 trillion.
Alternatives take it better
Although most altcoins are in the red today, most of their losses are less than those of Bitcoin. In fact, ETH is slightly in the green on a daily scale, although it is still struggling below $2,000. XRP, TRX, ADA and RAIN were down less than 3%, while BNB, HYPE and SOL were down around 1%.
XLM fell the most today after its recent rally, and is now down more than 9%. In contrast, NEAR, ICP and H recorded significant double-digit price pumps.
The total cryptocurrency market capitalization has fallen below $2.5 trillion on CG. Remember, the metric topped $2.7 trillion just a few weeks ago.
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