The cryptocurrency market remains under intense pressure, with Bitcoin dropping to a new multi month low and major altcoins posting even steeper losses. The latest wave of selling has wiped out roughly $150 billion from the overall crypto market, pushing total market capitalization closer to $2.25 trillion.
Bitcoin Hits Lowest Level in Four Months
Bitcoin’s decline, which began in late May, accelerated sharply in early June. After trading above $73,000 on June 1, the leading cryptocurrency entered a sustained downtrend as sellers regained control of the market.
The asset first lost support at $70,000 before continuing its slide throughout the week. On Thursday, Bitcoin briefly fell to just above $61,000, its lowest level since the market downturn experienced in February.
Although BTC managed to recover some ground following the drop, the rebound was short lived. After climbing back toward $64,000, the cryptocurrency encountered renewed selling pressure and was unable to sustain the recovery. At the time of writing, Bitcoin remains below $63,000 and is down approximately 14% over the past seven days.
The decline has reduced Bitcoin’s market capitalization to around $1.26 trillion, while its share of the overall crypto market has fallen to 55.6%, representing a drop of more than two percentage points over the past week.
Altcoins Continue to Underperform
The broader altcoin market has fared even worse, with many leading digital assets recording significant daily losses.
Ethereum fell to around $1,750 after touching a 14 month low earlier in the day. Solana dropped below $70 following a decline of roughly 9%.
XRP briefly slipped under $1.15 before staging a modest recovery, while Cardano fell below $0.19, reaching levels not seen in years.
BNB also came under pressure, trading below $600 after losing around 7% of its value. Other major cryptocurrencies, including Dogecoin, Chainlink, Avalanche, and Zcash, remained firmly in negative territory.
One of the few bright spots in the market was Worldcoin, which recorded an impressive gain of around 11% despite the broader downturn.
Among the largest losers of the day were NEAR Protocol, Toncoin, and Render, each of which declined by as much as 18% within 24 hours.
Market Value Shrinks Further
The ongoing selloff has significantly reduced the value of the digital asset market. Over the past day alone, total cryptocurrency market capitalization has fallen by approximately $140 billion, leaving the sector valued at less than $2.27 trillion as investors continue to navigate heightened volatility and risk aversion.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
