Bitcoin
Meme Coins in Retreat As Bitcoin (BTC) Struggles to Hold $71K (Market Watch)
Bitcoin’s price rise was halted at just under $72,000 despite impressive ETF inflows yesterday, and the asset has retraced about a thousand dollars since then.
Most altcoins are also slightly in the red today following yesterday’s substantial gains, but BNB is still above $700 while LINK is down 3%.
BTC struggles for $71K
Bitcoin had a quiet weekend where its price mostly hovered around $67,500 after recovering from Friday’s drop to $66,600. However, Monday was much more eventful and positive for the bulls as the asset jumped around three thousand and briefly surpassed the coveted $70,000 mark.
Another small pullback followed, in which the cryptocurrency fell to $68,700, but the bulls went back on the offensive on Wednesday.
This culminated in a price increase for a 15 day peak of $71,767. Thus, the main digital asset came less than 3% away since its all-time high in mid-March. These gains came amid another day of massive inflows into US spot Bitcoin ETFs.
However, they were not enough to keep BTC’s run going and the cryptocurrency retraced around a thousand dollars and is now just below $71,000. Its market capitalization has fallen below $1.4 billion and its dominance over alts is 50.3% in CG.
Bitcoin/Price/Chart 06.06.2024. Source: TradingView
Meme Coins in Retiro
After the massive gains recorded yesterday, most large-cap alts turned red today. This is the case for BNB, SOL, XRP, DOGE, TON, ADA, SHIB and DOT, but their daily pullbacks are quite insignificant compared to yesterday’s increases.
LINK and UNI are down a bit more (3% and 4.5% respectively), but the former is still above $17 while the latter is above $10.
Some of the most popular meme coins have lost more value. For example, WIF fell by 6%, FLOKI by 5%< and BONK fell by 4.5%.
The total crypto market value has fallen by $30 billion since yesterday’s peak, but is still close to $2.8 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).
LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is from the cited writers. It does not represent CryptoPotato’s views regarding buying, selling or holding any investments. We advise that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.