Bitcoin’s affair above $30,000 did not last long again, as the asset fell below that level quite violently and even dropped to $29,000. Altcoins are in no better shape, with Ethereum slipping below $1,800, while Solana and Tron saw 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 hit a multi-week high of $32,400, which gave the community hope that the worst might be over. However, the mostly bearish market sentiment returned quite quickly and the cryptocurrency fell 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.
At present, the asset has recovered some ground and stands at almost $30,000. Nonetheless, its 2% decline on the day and its market capitalization fell to $565 billion. Its dominance over altcoins, however, 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 is struggling to maintain $300 after a similar drop. Cardano, Ripple, Dogecoin, Polkadot, Avalanche and Shiba Inu are also in the red.
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 small- and mid-cap alts in a similar state, the overall crypto market cap has fallen to $1.220 trillion. This means that the metric has lost around $100 billion in the last three days alone.
