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Tuesday, June 25, 2024

Bloodbath Continues as Altcoins Keep Plunging and BTC Dumps to 7-Week Low (Market Watch)

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The adverse price movements in the cryptocurrency market continue, with BTC dropping below the coveted $40,000 mark for the first time in nearly two months.

The altcoins have suffered even more, with major losses from the likes of SOL, AVAX, DOGE, DOT, LINK, and others.

Bitcoin’s Struggles Continue

Now that it has been almost two weeks since the launch of the first spot Bitcoin ETFs in the US, it’s safe to conclude that the short-term effects of the approvals have been quite unfavorable for the asset and the entire industry. After the initial hype that propelled it to over $49,000, BTC reversed its trajectory almost immediately and slumped to under $42,000 by the next day (Friday).

It managed to recover some ground and returned to $43,000, where it spent most of the next week or so. However, this past weekend saw another decline that drove Bitcoin to around $41,000. The start of the business week kept this negative momentum going, and the asset fell to $40,000 yesterday and was below that line earlier today.

As of now, BTC stands at a 7-week low of under $39,500. Its market cap has plunged to $773 billion, while its dominance over the alts is at 50%, as most of them have plummeted even more.

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BTCUSD. Source: TradingView

Alts Bleed Out

The alternative coins were in the red yesterday, and the landscape has only worsened over the past 24 hours. Ethereum leads this adverse trend with a 5% plunge that has pushed it to under $2,300. Binance Coin, Ripple, and Toncoin have declined by similar percentages.

Even more painful losses come from the likes of Solana (-8%), Cardano (-6%), Avalanche (-10%), Dogecoin (-6%), Polkadot (-8%), and Chainlink (-8%).

The lower- and mid-cap alts are in a knock-down state as well, with ASTR, OP, NEAR, SATS, and NEO dumping by double-digits.

The total crypto market cap has declined to $1.550 trillion on CMC. This means that the metric is down by $60 billion in the past day and about $100 billion since Sunday.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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