In the past 24 hours, the crypto market experienced a loss exceeding $96 billion. Major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), faced significant corrections.
Bitcoin, the leading cryptocurrency, dropped to an intraday low of $68,507. At the time of this report, Bitcoin was priced at $69,321, marking a 2.57% dip from the previous 24 hours. Additionally, Bitcoin’s 24-hour trading volume fell by over 4% to $28.1 billion.
The correction followed Bitcoin reaching a multi-week high of $72,000 on June 7, after remaining above $70,000 for several days. After the dip, Bitcoin’s market capitalization fell to $1.366 trillion. Despite this, its dominance over altcoins increased to 53.8% as altcoins took bigger hits.
Among the top 100 cryptocurrencies, no notable gainers were seen. Most registered losses between 1.03% and 14.52%. Ethereum fell by 3.11% to below $3,700. BNB dropped from over $710 to just above $683. Solana (SOL) declined by more than 6%.
Other significant declines included Dogecoin (DOGE) down by 8.85%, Avalanche (AVAX) down by 9.95%, Chainlink (LINK) losing 9.16%, and Polkadot (DOT) dropping by 10.24%. NEAR Protocol (NEAR) and Polygon (MATIC) both dropped by 9.01%. Uniswap (UNI) fell by 5.31%.
The cumulative market cap of all crypto assets has shed over $96 billion since yesterday’s peak, now sitting at $2.54 trillion on CoinMarketCap. Analysts suggest the drop may have been influenced by a stronger-than-expected U.S. non-farm payroll (NFP) report for May, which added 272,000 new jobs. This report strengthened the U.S. dollar and reduced hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price and overall market sentiment.
Elsewhere, Bitcoin advocate Samson Mow suggested a new bullish scenario for Bitcoin. He proposed that GameStop should add Bitcoin to its corporate treasury. This move, in his opinion, could create a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares. Mow’s sentiment coincided with analyst and social media personality Keith Gill, also known as “Roaring Kitty,” hosting his first livestream in three years, focusing on GameStop’s future.
As the crypto market navigates these fluctuations, investors and enthusiasts remain keenly observant of market trends and influences. The evolving dynamics of the market continue to captivate and challenge participants.
