Bitcoin can’t seem to catch a break. Another sharp leg down pushed the price well below $62,000 earlier today, and a subsequent recovery attempt was quickly halted.
Altcoins also suffered heavy losses, and the total cryptocurrency market capitalization has plunged toward $2.25 trillion.
BTC Hits a New Four-Month Low
While Bitcoin’s troubles began at the end of May, they intensified markedly as June started. The asset traded above $73,000 on June 1, but bears regained control and triggered a series of consecutive declines.
Earlier this week BTC first lost the $70,000 support level, but that loss was only the start. The price continued slipping below key levels and fell under $66,000 yesterday. After a brief, unsuccessful bounce to around $67,000, Bitcoin resumed its downward move and dropped to just over $61,000 earlier today — the lowest level seen since the February crash.
That massive move generated more than $1.6 billion in liquidations across the market. BTC later rebounded slightly to roughly $64,000 before facing another rejection, and at the time of writing it trades below $63,000, marking about a 14% weekly decline.
Bitcoin’s market capitalization has declined to approximately $1.26 trillion on CoinGecko, while its dominance over altcoins has slipped more than 2 percentage points over the past week to about 55.6%.
Altcoins Remain Deep in the Red
Altcoins are faring no better. Many have experienced even steeper drops. Ethereum fell to around $1,750, briefly hitting a 14-month low earlier today. SOL plunged below $70 after a roughly 9% daily decline. XRP dipped under $1.15 before a minor rebound.
Cardano (ADA) dropped below $0.19 for the first time in years. BNB tumbled under $600 following about a 7% slide. Other large-cap tokens such as ZEC, DOGE, LINK, and AVAX are also substantially down. Among the exceptions, WLD recorded a notable gain of about 11% amid the market-wide distress.
NEAR, TON, and RENDER were among the worst performers, each falling as much as 18% in a single day.
The total crypto market cap erased roughly $140 billion in the past 24 hours and sits below $2.27 trillion at the time of writing.