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Another day, another failure at the $30,000 line for bitcoin as the asset even dropped to $29,000. However, the altcoins are in an even worse shape, with substantial price losses evident across almost all charts. Ethereum struggles below $1,900, while ADA dumped beneath $0.5.

Bitcoin Stopped at $30K (Again)

It has almost become an inevitable turn of events in the past ten days or so – a scenario that sees bitcoin attempting, nearing, challenging, and even briefly breaking above $30,000 before the bears step up and push it south.

Since the start of this week, there have been three separate occasions. The first one was during the weekend when the rejection drove BTC below $29,000. The same thing happened once again on May 23 and 24.

Bitcoin jumped by nearly $2,000 yesterday when it tapped $30,000 once again. However, this was short-lived as well. BTC failed there and dropped beneath that coveted line. As of now, the cryptocurrency struggles to remain above $29,000.

Its market capitalization has declined to $560 billion, while the dominance over the altcoins has increased above 45%. This is the highest the metric has gone to since last October.

BTCUSD. Source: TradingView

Altcoins Covered in Red

As mentioned above, the alternative coins are suffering even more than bitcoin now. Ethereum leads this adverse trend with a 6% daily decline. As a result, the second-largest digital asset has dropped below $1,900. Just for reference, ETH stood close to $2,100 a few days ago.

Binance Coin is down by more than 5% in the past 24 hours to $310. Ripple, Cardano, Polkadot, Dogecoin, Shiba Inu, and Litecoin have declined by similar percentages.

Solana and Avalanche, though, have seen even more substantial daily decreases. SOL (-9.5%) is down to $44, while AVAX has slumped to $24 after a 14% drop.

With the lower- and mid-cap altcoins in a similar condition, it’s no wonder that the total crypto market cap has dropped below $1.250 trillion after a $60 billion daily decrease.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

One thought on “Bitcoin Dominance at 7-Month High as Altcoins Bleed Out (Market Watch)

  1. On June 16, Vauld CEO sent out this email saying all funds are safe and Vauld isn't facing any financial difficulty due to withdrawals. Today, we got an email saying Vauld is near insolvency and withdrawals are paused. I'm highlighting the email sent to us on June 16, below.

    “Hey there,

    We understand that these are trying times for crypto investors, but Vauld continues to operate as usual despite volatile market conditions.

    We have always maintained a balanced and conservative approach to liquidity management. Bull and bear runs are inevitable in the crypto market, and we deploy fundamentally strong strategies that account for these cycles.

    We do not have any exposure to Celsius or Three Arrows Capital, and we remain liquid despite market conditions. Over the last few days, all withdrawals were processed as usual and this will continue to be the case in the future.

    We believe that such difficult market conditions will eventually give rise to a new wave of innovation and growth, and we are laser-focused on putting our heads down and building for that future.

    We remain committed to enabling you to build wealth.

    Best, Darshan Bathija, Co-Founder and CEO at Vauld. “

    TLDR: Don't trust the CEOs. Today Vauld, tmrw Kucoin. Move your coins to your wallets, off exchanges.

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  • bitcoinBitcoin (BTC) $ 19,518.71
  • ethereumEthereum (ETH) $ 1,342.28
  • tetherTether (USDT) $ 1.00
  • usd-coinUSD Coin (USDC) $ 1.01
  • bnbBNB (BNB) $ 283.50
  • xrpXRP (XRP) $ 0.437729
  • binance-usdBinance USD (BUSD) $ 0.998739
  • cardanoCardano (ADA) $ 0.435984
  • solanaSolana (SOL) $ 34.21
  • dogecoinDogecoin (DOGE) $ 0.060338