Crypto Market Cap Lost $100B in 3 Days as Bitcoin Drops Below $30K (Weekend Watch)

Bitcoin’s affair above $30,000 didn’t last long once again, as the asset fell beneath that level rather violently and even dipped to $29,000. The altcoins are in no better condition, with Ethereum sliding below $1,800, while Solana and Tron have marked substantial daily losses.

BTC Back Below $30K

After the violent May, in which bitcoin ended each week with a red candle, thus continuing its negative streak, the landscape seemed more positive at the start of June when it jumped above $30,000.

In fact, BTC spiked to a multi-week high of $32,400, which gave the community expectations that the worst might be over. However, the predominantly bearish market sentiment returned rather quickly, and the cryptocurrency fell by over $3,000 in hours to just over $29,000.

Bitcoin tried its hand at $30,000 once again yesterday, and it seemed like a successful attempt at first, but the situation changed shortly after. This rejection brought BTC south to a familiar level at $29,200.

As of now, the asset has reclaimed some ground and stands close to $30,000. Nevertheless, its 2% down on the day, and its market capitalization has declined to $565 billion. Its dominance over the altcoins, though, has increased slightly to 46.3%.

BTCUSD. Source: TradingView

Alts See Only Red

The alternative coins didn’t enjoy the past 24 hours, as red is visible across all charts. Ethereum leads this adverse trend with a 2.5% daily decline. Consequently, the second-largest crypto has gone beneath $1,800.

Binance Coin struggles to sustain $300 after a similar decline. Cardano, Ripple, Dogecoin, Polkadot, Avalanche, and Shiba Inu are in the red as well.

However, Solana and Tron have experienced the most substantial daily drops. SOL, amid the latest network issues, has lost another 8% of value and is now well below $40. TRX, on the other hand, is down by 6% to $0.08.

With most other lower- and mid-cap alts in a similar condition, the overall crypto market cap has declined to $1.220 trillion. This means that the metric has lost roughly $100 billion in the past three days alone.

Cryptocurrency Market Overview. Source: Quantify Crypto