Meme Coins in Retreat as Bitcoin (BTC) Struggles to Maintain $71K (Market Watch)

WIF, FLOKI, and BONK have lost about 5-6% in a day.

Bitcoin’s price rise was stopped at just under $72,000 despite the impressive ETF inflows yesterday, and the asset has retraced by around a grand since then.

Most altcoins are also slightly in the red today following yesterday’s substantial gains, but BNB is still above $700, while LINK has dropped by 3%.

BTC Struggles at $71K

Bitcoin had a quiet weekend in which its price stood primarily around $67,500 after recovering from the late Friday dip to $66,600. However, Monday was a lot more eventful and positive for the bulls as the asset jumped by roughly three grand and briefly exceeded the coveted $70,000 mark.

Another minor retracement followed in which the cryptocurrency slipped to $68,700, but the bulls went back on the offensive on Wednesday.

This culminated in a price surge to a 15-day peak of $71,767. Thus, the primary digital asset came less than 3% away from its all-time high registered in mid-March. These gains came amid another day of massive inflows entering the US spot Bitcoin ETFs.

Nevertheless, they weren’t enough to maintain BTC’s run and the cryptocurrency has retraced by around a grand and now stands just below $71,000. Its market cap has slipped below $1.4 trillion and its dominance over the alts is at 50.3% on CG.

Bitcoin/Price/Chart 06.06.2024. Source: TradingView

Meme Coins in Retreat

After the massive gains registered yesterday, most larger-cap alts have turned red today. This is the case with BNB, SOL, XRP, DOGE, TON, ADA, SHIB, and DOT, but their daily retraces are quite negligible compared to their increases yesterday.

LINK and UNI have dropped slightly more (3% and 4.5%, respectively), but the former is still above $17, while the latter is north of $10.

Some of the most popular meme coins have shed more value. For instance, WIF is down by 6%, FLOKI by 5%< and BONK has dropped by 4.5%.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The total crypto market cap is down by $30 billion since yesterday’s peak but it is still close to $2.8 trillion.