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.