Markets
Meme Coins Retreat as Bitcoin (BTC) Struggles to Maintain $71,000 (Market Watch)
Bitcoin’s price rise was halted at just under $72,000, despite yesterday’s impressive ETF inflows, and the asset has since recovered by around a thousand dollars.
Most altcoins are also slightly in the red today after yesterday’s substantial gains, but BNB is still above $700, while LINK is down 3%.
BTC struggles at $71,000
Bitcoin had a quiet weekend where its price mostly hovered around $67,500, after recovering from last Friday’s drop to $66,600. However, Monday was much more eventful and positive for bulls as the asset jumped around three thousand dollars and briefly surpassed the coveted $70,000 mark.
Another small retracement followed where the cryptocurrency slipped to $68,700, but the bulls went back on the offensive on Wednesday.
This culminated in a price surge up to aa 15 day peak of $71,767. Hence, the primary digital asset came within less than 3% of the gap from its all-time high recorded in mid-March. These gains came amid another day of massive inflows into spot Bitcoin ETFs in the United States.
However, they were not enough to maintain BTC’s rally and the cryptocurrency pulled back around a thousand dollars and now sits just below $71,000. Its market cap has fallen below $1.4 trillion and its alternatives dominance stands at 50.3% over CG.
Bitcoin/Price/Chart 06.06.2024. Source: TradingView
Meme coins in retreat
After yesterday’s massive gains, most large-cap stocks turned red today. This is the case for BNB, SOL, XRP, DOGE, TON, ADA, SHIB and DOT, but their daily retracements are rather negligible compared to their increases yesterday.
LINK and UNI have fallen slightly more (3% and 4.5%, respectively), but the former is still above $17, while the latter is north of $10.
Some of the most popular meme coins have lost more value. For example, WIF fell 6%, FLOKI fell 5%< and BONK fell 4.5%.
The total cryptocurrency market capitalization is down $30 billion from yesterday’s peak, but is still close to $2.8 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.