BTC bears remain in charge as the asset briefly tumbled to $58,000.
June was brutal for the primary cryptocurrency, with its price crashing about 20% over the month. And even though July is usually a strong period for BTC, this one kicked off poorly, and the asset continues to trade well below $60,000.
Several altcoins have mimicked the move, posting additional losses, while Cardano (ADA) is among the few daily gainers.
BTC Under Pressure
The asset has been in a steep decline lately, driven by several key factors, including the prolonged bear market affecting the entire crypto sector, waning interest from institutional investors, uncertainty stemming from the conflict in the Middle East, and more.
Yesterday (June 30), BTC tried to reclaim the psychological level of $60,000, but the bulls quickly lost control, and the price started another downturn. As of this moment, it trades at around $58,900 (per TradingView), representing a 1.5% decline on a daily scale.
July has historically been a strong month for Bitcoin, and we have yet to see whether it could deliver a long-awaited revival in the weeks ahead. At the same time, many bearish signals point out to the possibility of a further pullback, while analysts believe the cycle’s bottom has not arrived yet.
Following the latest price slump, BTC’s market capitalization has dropped to approximately $1.18 billion, while its dominance over altcoins remains over 56% on CG.
ADA Re-Enters the Top 20 Club
Many alternative coins have followed BTC’s footsteps, registering mild declines over the last 24 hours. Ethereum (ETH) is down 0.5% for the day, whereas Hyperliquid (HYPE) has lost 2% of its valuation. LAB (LAB) is the worst-performing cryptocurrency from the top 100 list, posting a loss of 27%, with Audiera (BEAT) coming next at -7%.
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Still, some have defied the bearish conditions. Cardano’s ADA has risen by 4% and reclaimed $0.15. Its market cap surged past $5.6 billion, meaning the token is once again among crypto’s 20 largest cryptocurrencies.
Other altcoins flashing in green today (July 1) include WBT (+15%), JPT (+13%), XLM (+12%), CC (+5%), and more. The total crypto market capitalization has remained rather unchanged at around $2.1 trillion.
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