Haider Jamal

Jun 30, 2024

Altcoins Keep Bleeding As Bitcoin Drops To $60K

The cryptocurrency market is seeing widespread declines with numerous coins showing relatively modest drops. Besides low trading volumes across the board, Bitcoin (BTC) is approaching $60K, while most alternative cryptocurrencies are gradually losing value. The total market capitalization has decreased to $2.37 trillion.


Declining Towards $60K

Bitcoin has fallen by 1.3% in the past 24 hours, contributing to a weekly loss of approximately 6%. As of now, the leading cryptocurrency is edging closer to $60K amidst generally subdued trading volumes. The last 24 hours have witnessed around $100 million in liquidations, with BTC leading with $37M.

Several major altcoins are also recording minor declines. For instance, ETH is down by 1.8%, BNB by 1.6%, SOL by 2.5%, TON by 1.7%, among others. Some altcoins are experiencing more significant losses, such as UNI, which has dropped by 6%. Meme coins, a unique segment in the cryptocurrency space, are similarly down by over 3% in the past day, with DOGE and SHIB declining by 1.3%. PEPE has decreased by 5.2%, while BON is down by 3%.

Notably, LDO is the worst performer, plummeting by 15%. ENA follows with a 9.2% decline, and STRK is down by 6.4%. Conversely, QNT token is the top performer, surging by 10% in the day. AR comes in second with a 4% increase.

Overall trading volumes have dipped to around $67 billion over the past day, a typical occurrence during weekends. The focus now turns to whether bullish sentiment will strengthen or if further corrections lie ahead.


Other Markets

Asia is cracking down hard on high-speed traders and short sellers, while collateralized loan obligations (CLOs) find themselves awash with cash but struggling to find worthwhile investments. Analysts are turning to a handful of charts to divine the future of the stock market after a rollercoaster first half of the year. Over in the US, job growth is expected to taper off along with wage increases.

Meanwhile, China is sending warning signals with yet another contraction, underscoring broader economic anxieties. Singapore bids farewell to its last public golf course, making way for urban redevelopment, a poignant symbol of change. In Japan, the roaring stock market rally of early 2024 is predicted to lose steam in the coming months. Lastly, Tanzania steps up to aid drought-stricken Zambia by selling a substantial amount of corn.


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