- The cryptocurrency market started today with complex movements.
- Bitcoin (BTC) signals a bear market while trading around $61,000, whereas a majority of altcoins saw significant gains. Additionally, the AI and meme coin sectors achieved considerable gains.
- Dogwifhat (WIF) and Fetch.ai (FET) were among the biggest gainers of the day. Here are the details…
An insightful breakdown of today’s cryptocurrency market movements, highlighting essential gains and losses while delivering expert analysis and future projections.
Bitcoin and Altcoins Experience Decline
The price of Bitcoin recently dipped below $60,000 but has since recovered to its current level of $61,000. However, the overall global cryptocurrency market cap has decreased by 1.38%, standing at $2.26 trillion at the time of writing. On the other hand, the total trading volume spiked by 122.06% yesterday, reaching $97.64 billion. Key prices as of today include:
- Bitcoin Price: BTC is currently trading at $61,489.62, down 2.17% in the past 24 hours. During this period, it recorded a low of $58,601.70 and a high of $62,900.83. According to Farside data, this drop followed an outflow of $174.5 million from Bitcoin ETFs on June 24th. Bitcoin’s market dominance also decreased by 0.68% to 53.44%, and its market cap stands at $1.21 trillion.
- Ethereum Price: Ethereum is currently priced at $3,374.88, experiencing a 0.83% dip. In the last 24 hours, it reached a low of $3,244.24 and a high of $3,410.03. Ethereum’s market cap has fallen to $405.09 billion.
Top Gainers and Losers Among Altcoins
Meanwhile, Solana (SOL) surged by 7.59% to reach $135.85, marking a significant jump. XRP increased by 0.37% to $0.4778. Dogecoin (DOGE) rose by 1.25% to $0.123, and Shiba Inu (SHIB) climbed by 0.62% to $0.00001744. WIF, PEPE, and BONK emerged as the top performers of the day.
Significant Outflows in ETFs
As the Bitcoin price continues to decline, U.S. spot Bitcoin ETFs have recorded substantial outflows for seven consecutive days. On Monday, June 24th, all nine spot Bitcoin ETFs saw total outflows amounting to $174.5 billion with no reported inflows. Over the past ten days, the total outflows from spot Bitcoin ETFs have exceeded $1 billion.
Bitcoin ETFs enable investors to invest indirectly in cryptocurrency. However, recent downturns appear to have shaken investor confidence. The Grayscale Bitcoin ETF (GBTC) recorded the highest outflows, with $90.4 million leaving the fund on Monday, bringing the total outflows since inception close to $18.5 billion. Fidelity’s FBTC fund also saw significant outflows, with $35 million exiting on Monday, placing it second in terms of total outflows.
Conclusion
In conclusion, today’s movements in the cryptocurrency market underline the volatility and fluctuating investor confidence reflecting in both BTC and altcoin performances. Despite Bitcoin’s faltering position and substantial ETF outflows, some altcoins like Solana and Dogecoin have shown robust performance. The coming days will be crucial in determining whether the market can stabilize or if further corrections are looming.
