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Bitcoin Dips Below $30K, Solana Slumps 12% Amid New Power Outages (Market Watch)

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cryptopotato.com 02 June 2022 10:17, UTC
  
Reading time: ~2 m

Bitcoin’s adventure above $32,000 was short-lived as the asset fell by a few thousand dollars and dipped below $30,000. The altcoins are also covered in red today, with ETH sliding to $1,800 and SOL dumping hard following the latest network issues.

Bitcoin Dipped Below $30K

After weeks of being unable to overcome $30,000 decisively, bitcoin finally did so a few days ago when it spiked to a local peak of over $32,000. Yesterday saw another minor record as well and when the community expected more price increases, the bears reminded of their presence and dominance over the market.

In a matter of hours, BTC slumped by nearly $3,000 and dropped to just over $29,000. Somewhat expectedly, this enhanced volatility caused massive pain for over-leveraged traders, as the liquidations were above $500 million (on a 24-hour scale) at one point.

As of now, the cryptocurrency has regained some traction and stands close to the coveted $30,000 line. Nevertheless, its market capitalization has declined to well below $600 billion, but its dominance over the altcoins sits north of 46%.

Alts See Dark Red

The altcoins followed BTC on its way up, but most have turned red today with substantial losses. Ethereum leads this adverse trend with a 5.5% daily decline. As a result, the second-largest cryptocurrency has dropped to just over $1,800 after nearing $2,000 yesterday.

BNB is close to breaking below $300 following a similar price decline. Cardano, Ripple, Dogecoin, Tron, and Shiba Inu have decreased by up to 6% as well, while Polkadot and Avalanche are down by more than 8% in a day.

However, the most substantial loser now is Solana. SOL has plummeted by over 11% on a 24-hour scale following the latest network issues that CryptoPotato reported yesterday.

With the lower- and mid-cap alts also in the red, it’s no surprise that the overall crypto market cap is down by $70 billion to below $1.250 trillion.



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