The price of Bitcoin (BTC) has reached its lowest level in a month. How to explain the hesitations of the largest cryptocurrency and how are the altcoins around it doing?
The price of Bitcoin (BTC) at half mast in mid-June
Last March, the price of Bitcoin (BTC) reached a new all-time high, at more than $73,700. But three months later, the bull run seems to have run out of steam. If the largest cryptocurrency flirted with the $72,000 threshold at the beginning of June, the weeks that followed were less fun :
The price of Bitcoin falls in the month of June
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This morning, the price of BTC actually hit a low over the month, at $64,500. Its capitalization stands at $1,295 billion this morning. However, this remains notable: the $65,000 zone indeed corresponds to its last absolute record.
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The ETFs at the origin of this shortness of breath?
This slowdown goes hand in hand with the figures we know about BTC ETFs. After having been the triggers of the bull run of recent months, they seem to attract less attention from investors. A week ago, they marked a turning point and ended a 19-day streak of net inflows.
❓ Don’t miss our article – What are Bitcoin ETFs and why are they so important?
Furthermore, the macro context does not encourage investments in products considered risky. Major elections – in the European Union, the United States and soon in France – have taken place or will take place, and non-crypto financial markets also show some caution.
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Some altcoins are holding up better than others
It should be noted, however, that Ether (ETH), driven by the news surrounding its own ETFs, is still clearly in the green over the month : it actually hangs +10% over the last 30 days. Binance's BNB is also in a better position: it shows +2% over the same period. For Solana's SOL, however, it is quite the opposite: the cryptocurrency lost 30% over the month.
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But in the cryptocurrency sector, it is often Bitcoin that carries all its weight, because it represents at this stage more than half of the total market cap of this asset categorys. And it shows: the total capitalization has fallen by 2% over the last 24 hours.
Sources: TradingView, CoinGecko
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency sector, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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