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These Altcoins Defy Market Crash, Bitcoin (BTC) Bounces From 2-Month Low: Market Watch

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Bitcoin experienced another leg down yesterday and earlier this morning, dropping to a fresh multi-month low of just over $65,000 before it staged a minor rebound.

Although there are a few altcoins with double-digit losses today, there are more with similar gains that have defied the overall market state.

BTC Rebounds From $65.3K

After it lost the $80,000 support level at the end of May, the primary cryptocurrency went on a down-only trip for several days. It first dipped to $76,000, but the bears were just getting started and drove it south to under $73,000 as the month came to a close.

It managed to rebound slightly to $74,000, where another rejection awaited. The crash that took place at the beginning of June was even more profound. This time, the bears pushed bitcoin to under $70,000 yesterday and kept the pressure on for several more hours. This culminated earlier this morning with a price drop to $65,300, which became BTC’s lowest trading level in approximately two months.

The bulls finally intervened at this point and didn’t allow another nosedive. Bitcoin has recovered roughly $2,000 since the local low and now sits around $67,000, but critics are still convinced that BTC could dump to as low as $20,000 if the $50,000 support is lost.

For now, bitcoin’s market cap has remained at $1.350 trillion, while its dominance over the alts keeps dropping to well below 56% on CG now.

BTCUSD June 3. Source: TradingView
BTCUSD June 3. Source: TradingView

These Alts Rocket

As mentioned above, red continues to dominate most alts’ charts. ETH has dropped below $1,900 after a near 5% decline on a daily scale. SOL is down to $75 following a similar decline. XRP celebrated its 14th birthday with a fresh drop yesterday to $1.20 before it rebounded to $1.24 as of now.

BNB is deep in the red, similar to BCH, DOGE, and mostly H, which has plunged by 11%. In contrast, DEXE and ENA have rocketed by over 20% daily, followed by ONDO, WLD, and VVV, all of which complete the double-digit price gainer club.

The total crypto market cap dipped below $2.350 trillion earlier today but sits at $2.4 trillion on CG now.

Cryptocurrency Market Overview June 3. Source Coin360
Cryptocurrency Market Overview June 3. Source Coin360

 

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