After plunging by several grand in the span of less than 12 hours, bitcoin finally rebounded from its multi-year low and now sits at around $61,000.
Although most altcoins are still in the red on a daily scale, they have managed to recover some of the losses. This is particularly true for ZEC, which bled out heavily yesterday, and PI, which marked consecutive all-time lows.
Bitcoin Recovers $2K
What a week it has been for bitcoin, and mostly for the bears. In fact, what a painful three-week period. The asset stood above $82,000 in mid-May before its calamity began, and it dumped to $74,000 at the end of the month. But that was just the start, as June, in just five days, brought a lot more pain.
Bitcoin quickly lost the $70,000 support, and then the bears were really in control. They started pushing it below one key support level after another. Thus, $68,000, $65,000, and $62,000 gave in before the asset came inches away from the $60,000 bottom that managed to hold it during the February crash.
Although the buyers successfully defended it at first, that level finally gave in yesterday, and bitcoin plunged to just over $59,000. This became its lowest price since before the November 2024 US presidential elections. After losing about $23,000 in weeks, BTC finally showed signs of a minor recovery and has bounced to $61,000 as of now.
Its market cap is up to $1.225 trillion on CG, while its dominance over the alts has reclaimed the 56% level.
BTCUSD June 6. Source: TradingView
ZEC, PI Rebound
Although most crypto assets plunged yesterday, Zcash became the worst performer after a vulnerability in its code was uncovered and Arthur Hayes dumped his entire stash. At one point, ZEC had dropped by over 50%, going from $630 to under $300. However, it has reacted swiftly and now trades above $370.
Pi Network’s native token marked several consecutive all-time lows after it dumped below $0.15 earlier this week. The latest, according to CoinGecko data, sits at under $0.12. However, it has managed to reclaim that level since then and now trades about 7% above the ATL.
ETH dumped to $1,500 yesterday but stands close to $1,600 now. BNB is back to $580, while XRP has returned to $1.10. XLM and CC are among the few alts in the green today.
The total crypto market cap dipped to $2.1 trillion yesterday, and although it has recovered some of its losses, it still sits below $2.2 trillion on CG.
Cryptocurrency Market Overview June 6. Source: QuantifyCrypto
