Bitcoin’s price troubles only accelerated yesterday as the asset dipped toward $59,000 for the second time in June before it finally rebounded to over $61,000 as of now.
Most larger-cap alts followed the ride south and have remained in red now. ETH is down to $1,650, while XRP is well below $1.10.
BTC Rebounds After Latest Crash
After the price decline at the end of the previous business week, in which BTC slipped from $66,400 to $62,400 in just a couple of days after the latest FOMC meeting, the cryptocurrency rebounded swiftly. It tapped $64,000 during the weekend and rocketed to $65,600 on Monday in a rare major uptick.
The bears were quick to intervene, though, and halted the asset’s progress. Bitcoin dipped back down to under $63,000, where it stood for about 24 hours. Then came another crash that drove BTC south hard. In the span of just several hours, the cryptocurrency plummeted from around $63,000 to under $60,000 for the second time this month.
It lost about $4,000 of value and dipped to $59,050 (on Bitstamp), which became its lowest price tag in nearly two years. This crash coincided with MSTR’s 10% drop as the rocky relationship between the two continues. The bulls finally stepped up after such a painful drop, and BTC has rebounded by well over two grand, currently sitting above $61,500.
Its market cap is back to $1.235 trillion on CG, while its dominance over the alts stands at 56.1%.
BTCUSD June 25. Source: TradingView
Alts Bled, too
Ethereum is down by over 1% in the past 24 hours and now struggles at $1,650 after rebounding from around $1,600. BNB has slipped to $570, while XRP has lost the $1.10 support. It dipped beneath $1.05 yesterday, but it stands at $1.08 now. DOGE, SOL, TRX, XLM, XMR, and HBAR are also in the red.
MemeCore (M) has slumped by over 70% in the past 24 hours, plunging below $0.80 after some depegging issues with MIM. In contrast, AAVE has soared by 14% to over $81.
Pi Network’s native token dipped toward $0.12. This meant that it came inches away from posting a new all-time low (currently at $0.1189) but has managed to barely avoid another anti-record as of press time.
The total crypto market cap is down to $2.2 trillion on CG.
Cryptocurrency Market Overview June 25. Source: QuantifyCrypto
