Memecoins
Meme Coins in Retreat as Bitcoin (BTC) Struggles to Hold $71,000 (Market Watch)
Bitcoin’s price rally was halted at just under $72,000 despite impressive ETF inflows yesterday, and the asset has fallen by around $1,000 since then.
Most altcoins are also slightly in the red today following yesterday’s substantial gains, but BNB is still above $700, while LINK is down 3%.
BTC in trouble at $71,000
Bitcoin had a quiet weekend in which its price mostly hovered around $67,500 after recovering from Friday night’s drop to $66,600. However, Monday was much more eventful and positive for the bulls as the asset surged by around three thousand dollars and briefly surpassed the coveted $70,000 mark.
Another minor retracement followed, during which the cryptocurrency slipped to $68,700, but the bulls returned to the offensive on Wednesday.
This resulted in prices soaring to a peak of 15 days of $71,767. Thus, the main digital asset came within 3% compared to its all-time high recorded in mid-March. These gains came amid another day of massive inflows entering spot Bitcoin ETFs in the United States.
However, they were not enough to maintain the price of BTC and the cryptocurrency fell by around a thousand dollars and is now just below $71,000. Its market cap has fallen below $1.4 trillion and its alt dominance is 50.3% on CG.
Bitcoin/Price/Chart 06.06.2024. Source: TradingView
Retired Meme Coins
After yesterday’s massive gains, most larger-cap alternative stocks turned red today. This is the case for BNB, SOL, XRP, DOGE, TON, ADA, SHIB and DOT, but their daily retraces are quite negligible compared to their increases yesterday.
LINK and UNI are down a bit more (3% and 4.5%, respectively), but the former is still above $17, while the latter is north of $10.
Some of the most popular meme coins have lost more value. For example, WIF is down 6%, FLOKI is down 5%, and BONK is down 4.5%.
The total crypto market capitalization has declined by $30 billion since yesterday’s peak, but remains close to $2.8 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.