Bitcoin’s recent decline deepened over the past 24 hours, with the leading cryptocurrency falling below the $70,000 mark for the first time in nearly two months. While the broader market remains under pressure, several major altcoins have held up better than Bitcoin, leading to a noticeable decline in BTC’s market dominance.
Bitcoin Loses Momentum and Market Share
Just weeks ago, Bitcoin was trading comfortably above $80,000 and briefly challenged the $82,000 to $83,000 range. However, bullish momentum faded after a strong rejection at those levels, triggering a sustained correction.
The cryptocurrency quickly lost support at $80,000 and dropped to around $75,000 on May 23 and 24. A subsequent recovery attempt stalled near $78,000 before sellers regained control, pushing prices below $74,000 toward the end of May.
Bitcoin then spent several days consolidating between $73,000 and $74,000, but that range eventually broke down as June began. After briefly finding support around $71,000, bearish pressure intensified, sending BTC below $70,000 for the first time since early April. The move coincided with renewed attention on recent Mt. Gox Bitcoin transfers, which added to market uncertainty.
As Bitcoin weakened, its share of the overall cryptocurrency market also declined. Bitcoin dominance has fallen to approximately 56.3%, down nearly two percentage points over the past week. Meanwhile, Bitcoin’s market capitalization is struggling to remain above $1.4 trillion.
Altcoins Show Greater Resilience
Although most alternative cryptocurrencies are also trading lower, many have posted smaller losses than Bitcoin.
Ethereum has managed to remain slightly positive on the day despite continuing to trade below the $2,000 level. Other major assets including XRP, TRX, ADA, and RAIN have recorded declines of less than 3%.
BNB, HYPE, and SOL have been relatively stable, each posting losses of roughly 1%.
Among the larger movers, XLM has experienced the sharpest decline, falling more than 9% after a strong recent rally. On the other hand, NEAR, ICP, and H have emerged as standout performers, registering impressive double digit gains despite the broader market downturn.
Total Crypto Market Value Shrinks
The overall cryptocurrency market has also taken a hit. Total market capitalization has slipped below $2.5 trillion, marking a significant decline from the more than $2.7 trillion valuation recorded just a few weeks ago.
With Bitcoin breaking key support levels and investor sentiment remaining cautious, traders are closely watching whether the market can stabilize or if further downside lies ahead.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
