June was a tough month for the leading cryptocurrency, as the price of Bitcoin fell by around 20% during the month.
Although July is usually a strong period for Bitcoin, the currency opened the new month with a weak performance and continued to trade conflicted and trying to stay above the $60,000 level.
Several altcoins imitated this trend, posting additional losses, while Cardano (ADA) was among the few daily gainers.
Bitcoin price under pressure:
The price of Bitcoin has declined sharply recently, driven by several main factors, including the continued bear market that has affected the entire crypto sector, declining interest from institutional investors, and uncertainty resulting from the conflict in the Middle East, among others.
Yesterday (June 30), Bitcoin attempted to regain the psychological level of $60,000, but the bulls quickly lost control and the price entered a new downward wave.
So far, the currency is trading at around $60,140 (according to the TradingView platform).
July has always been a strong month for Bitcoin, and it is not yet clear whether it will be able to achieve the long-awaited recovery in the coming weeks.
At the same time, many bearish signs indicate the possibility of a further decline, as some analysts believe that the low point of the current cycle has not yet been reached.
Following the latest price drop, Bitcoin’s market value fell to around $1.18 trillion, while altcoin dominance remained above 56%, according to the CoinGecko platform.
Cardano returns to the top 20 coin clubs:
Many altcoins followed Bitcoin’s lead, seeing a slight decline over the past 24 hours.
The price of Ethereum (ETH) fell by 0.5% during the day, while that of Hyperliquid (HYPE) lost around 2% of its value.
LAB was the worst performer among the top 100 tokens, recording a 27% loss, followed by Audiera (BEAT) with a 7% loss.
However, some currencies resisted this bearish atmosphere.
Cardano’s ADA rose by 4% and regained the $0.15 level, bringing its market value to over $5.6 billion, meaning the coin returned to the list of the twenty largest cryptocurrencies.
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