In the past 24 hours, the cryptocurrency market shed over $96 billion as major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), experienced corrections.
Bitcoin, the leading cryptocurrency, saw a significant decline, hitting an intraday low of $68,507. At press time, it was priced at $69,321, marking a 2.57% decrease over the previous 24 hours. Additionally, Bitcoin’s 24-hour trading volume decreased by more than 4%, dropping to $28.1 billion.
This correction followed Bitcoin reaching a multi-week high of $72,000 on June 7, after several days of trading above $70,000. Following the dip, Bitcoin’s market capitalization fell to $1.366 trillion. Despite this, Bitcoin’s dominance over altcoins increased to 53.8% as they suffered more significant losses.
Altcoins in the Red Among the top 100 cryptocurrencies, there were no notable gainers, with most registering losses between 1.03% and 14.52%. Ethereum dropped by 3.11% to below $3,700. BNB, the fourth-largest cryptocurrency by market cap, declined from over $710 to just above $683, and Solana (SOL) fell by more than 6%.
Overall, the total market cap of all crypto assets decreased by over $96 billion since yesterday’s peak, now standing at $2.54 trillion, according to CoinMarketCap.
Analysts suggest the drop may have been influenced by a stronger-than-expected U.S. non-farm payroll (NFP) report for May, which added 272,000 new jobs and strengthened the U.S. dollar. This report diminished hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price and overall market sentiment.
Double Bullish Thesis for BTC In other news, Bitcoin advocate Samson Mow suggested a new bullish scenario for Bitcoin on social media platform X. He proposed that gaming merchandise retailer GameStop should add Bitcoin to its corporate treasury, potentially creating a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares.
Mow’s sentiment coincided with analyst and social media personality Keith Gill, also known as “Roaring Kitty,” hosting his first livestream in three years, focusing on GameStop’s future.