In the past 24 hours, the cryptocurrency market lost more than $96 billion as major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), faced corrections.
Bitcoin, the leading cryptocurrency, saw a sharp decline to an intraday low of $68,507. At the time of writing, the cryptocurrency was priced at $69,321 – a 2.57% decline from the previous 24 hours.
Additionally, Bitcoin's 24-hour trading volume fell by more than 4% to $28.1 billion.
The correction came on the back of Bitcoin reaching a multi-week high of $72,000 on June 7, after remaining above $70,000 for several days.
After the decline, Bitcoin's market capitalization fell to $1.366 trillion, although its dominance over altcoins increased to 53.8% as it took much bigger hits.
Altcoins are in red
Among the top 100 cryptocurrencies, there was no noticeable increase, with most of them recording losses ranging between 1.03% and 14.52%.
Ethereum price fell 3.11% to below $3,700. BNB, the fourth-largest cryptocurrency by market cap, fell from more than $710 to just over $683, and Solana (SOL) fell more than 6%.
The number one meme currency in terms of market value:
- Dogecoin (DOGE), down 8.85%
- Avalanche (AVAX) is down 9.95%
- Chainlink (LINK) lost 9.16% of its price.
- Polkadot (DOT) stock fell 10.24%.
- NEAR Protocol (NEAR) shaved 9.01%
- Uniswap (UNI) stock fell 5.31%.
- Polygon (MATIC) stock fell 9.01%.
Overall, the cumulative market capitalization of all crypto assets has fallen by more than $96 billion since yesterday's peak. It is now worth $2.54 trillion on CoinMarketCap.
Analysts noted that the decline may have been influenced by the stronger-than-expected US non-farm payrolls report. a report For the month of May, which added 272 thousand new jobs and strengthened the US dollar.
The report downplayed hopes for an interest rate cut by the Federal Reserve, which would negatively impact the price of Bitcoin and overall market sentiment.
Double Bullish thesis for BTC
Elsewhere, Bitcoin advocate Samson Mu took to X to suggest a new bullish scenario for Bitcoin.
He suggested gaming merchandise retailer GameStop could add Bitcoin to the company's treasury, which, in his view, could create a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares.
Moe's sentiments coincided with analyst and social media personality Keith Gill, also known as “Roaring Kitty,” who hosted his first live stream in three years, focusing on the future of GameStop.