The cryptocurrency market cap fell below $1.5 trillion on a red weekend. More than $100 billion was wiped off the marker as it retraced by 5%. Bitcoin and other altcoins registered a 5%-10% decline as major market indicators flashed bearish signals.
Bitcoin price is currently trading at $35,668 falling from a daily high of $37,531. The top cryptocurrency’s price is breaking down from its current triangle pattern on the long-term chart. Although there is not significant sell-side volume, crypto analyst MMCrypto said one should remain cautious at this point.
— MMCrypto (@MMCrypto) June 12, 2021
Bitcoin price is also nearing a possible death cross and needs to move at a rate of $1,500 per day to avoid it. Rekt Capital, a popular crypto analyst believes the last week’s rally has pushed the impending death cross by a week and the momentum needs to continue to avoid it.
#BTC has rallied +20% recently
In doing so, BTC has pushed back the potential Death Cross by a full week
Price increases from here would further postpone it
— Rekt Capital (@rektcapital) June 10, 2021
Ethereum, the second-largest cryptocurrency by market cap is currently trading at $2,372, down by 3.73% over the last 24-hours. The ETH/BTC pair saw a minor dip today currently trading at 0.066 falling from 0.80 a couple of days ago.
Altcoins Take a Harder Dive
Apart from Ethereum, the majority of altcoins took a harder dive falling over 5%. Among the top-10 cryptocurrencies, Uniswap registered the highest decline of nearly 8%, followed by Cardano and Binance coin with a 6.69% decline.
The bearish sentiment has prevailed in the crypto market over the past month ever since the May second week market sell-off. The Crypto market lost nearly a trillion dollars of its market cap during last month’s sell-off. On-chain metrics suggest the trading volume has come down significantly for most cryptocurrencies including the highly popular NFT market.
The weekend sell-0ffs this time around is also being attributed to the European Football betting season and many believe people are moving away from their money from the crypto market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.