Bitcoin’s near-$110,000 rally didn’t last as long as some of its previous attempts — with the asset falling more than $2,000 from high to low.
Most altcoins also posted negative 24-hour performance, including large-cap cryptocurrencies like HYPE, DOGE, and LINK.
The beginning of July started off rather slowly, with BTC falling from $108,000 to $105,000 on its second day. However, the selling pressure was absorbed by buyers, which sparked a quick recovery to its original level. In fact, the price managed to reach a weekly high of around $110,500 the next day.
However, in this quiet summer accumulation phase, the move failed to last long. Bitcoin fell back to $108,000 and remained there throughout the weekend. Monday morning saw another surge above $109,600 only to settle back down to $108,000 again.
BTC’s market cap has now fallen to $2.150 trillion, while altcoin dominance remains high at 63% according to CoinGecko.
While yesterday saw positive performance among the major altcoins, today the pattern has changed. Ethereum is down around 1% but remains above $2,500. Small declines were also recorded by BNB, SOL, ADA, SUI and LEO. DOGE and LINK fell slightly more.
But the most affected was HYPE, which recorded a decline of almost 5% in 24 hours and is now trading below $38.
Among the top 100 altcoins, FARTCOIN recorded the biggest drop (-8%), followed by SPX (-7.7%) and TIA (-7%). In contrast, TKX jumped 11% to cross the $15 mark.
The overall crypto market capitalization has also shrunk by around $20 billion since yesterday, now standing at $3.420 trillion.
