Bitcoin’s price decline accelerated over the past 24 hours as the leading cryptocurrency fell to its lowest levels in nearly two months, slipping below $70,000.
Notably, several major altcoins have either posted gains or suffered smaller losses than Bitcoin, eroding BTC’s share of the overall market.
Bitcoin Dominance Plummets
Only a few weeks ago, Bitcoin was trading comfortably above $80,000 and even tested $82,000–$83,000. The subsequent rejection and correction, however, proved painful. BTC quickly lost the $80,000 support level and plunged to $75,000 around May 23–24.
A brief rebound attempt stalled near $78,000, after which bearish momentum resumed and pushed Bitcoin below $74,000 in late May. The price lingered around $73,000–$74,000 for a few days but then broke lower at the start of June.
Yesterday BTC first dipped to $71,000 and found temporary support, but selling pressure intensified and the asset fell below $70,000 earlier today for the first time since April 8 amid renewed Mt. Gox-related activity. At the same time, Bitcoin’s market dominance has weakened as many altcoins have held up comparatively better.
According to CoinGecko, Bitcoin dominance has dropped to roughly 56.3%, a decline of about 2% over the past week. Bitcoin’s market capitalization is now struggling to stay above $1.4 trillion.
Altcoins Weather the Drop Better
While most altcoins are trading lower today, their declines are generally milder than Bitcoin’s. Ethereum is slightly positive on the day despite remaining below the $2,000 mark. XRP, TRX, ADA and RAIN have each fallen by less than 3%, while BNB, HYPE and SOL are down around 1%.
Stellar (XLM) has seen the largest pullback today following a recent rally, dropping more than 9%. On the other hand, NEAR, ICP and H have posted notable double-digit gains.
The total crypto market capitalization on CoinGecko has slipped below $2.5 trillion, down from above $2.7 trillion only a few weeks ago. The market’s shifting leadership and narrowing performance gaps between Bitcoin and major altcoins are influencing sentiment as traders reassess positions.
Market participants will be watching key support and resistance levels closely in the coming sessions, as further volatility is likely while traders react to on-chain flows and macro developments.