Bitcoin Drops Below $30K as Altcoins Tumble; BTC Dominance Reaches 26-Month High
Bitcoin's market cap composes 52% of the total crypto market, its highest level since April 2021.
Bitcoin's () recent drop below the $30,000 level sent smaller cryptocurrencies tumbling Wednesday afternoon.
BTC's price fell to as low as $29,874, a 1.8% decline over the past 24 hours, according to . The token has pared some of the losses later, and was trading slightly above $30,000.
Still, the decline led to a sudden sell-off in altcoin – short for alternative cryptocurrencies – markets, which suffered 5-10% drops from Tuesday, same time.
The Optimism network's OP token recently fell 10%, while Cardano's , Polygon's and Avalanche's suffered the largest falloffs among the top 20 cryptocurrencies, losing 6%, 7.7% and 8%, respectively.
Ether (), the token with the second largest market cap, held up better than most altcoins but underperformed BTC, sliding 3.2%.
Altcoins' underperformance extended BTC's grip over the broader digital asset market. The , which shows the largest cryptocurrency's share in the total market, soared above the 52% level for the first time since April 2021, according to TradingView .
The recent frenzy of institutional investment activity, underscored by traditional finance heavyweight BlackRock and other asset management firms filing for a sought-after spot BTC exchange-traded fund (ETF), lifted the price of BTC to a one-year high this month.
Meanwhile, regulatory risks weighed on the performance of smaller cryptocurrencies. Early June, the U.S. Securities and Exchange Commission () deemed a handful tokens including SOL, MATIC and ADA unregistered securities in lawsuits, leaving popular trading platforms such as delisting tokens.
"With some newer tokens facing intensified regulatory scrutiny in the U.S., BTC has pulled ahead in 2023," Kyle Waters, analyst at digital asset research firm CoinMetrics, wrote in a report. "We can see that BTC’s 85% return, year-to-date is outpacing most of the other major digital assets.
The price downturn caused $115 million of losses during the day to traders with long position betting on higher prices, according to CoinGlass data.
UPDATE (Jun. 28, 21:05): Adds context, comment and data about markets through the story.
Edited by James Rubin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP Network Explodes with 67% Growth—Here’s What It Means for the Price
VIPBitget VIP Weekly Research Insights
In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.
TRUMP Coin Jumps 70% on President's Dinner Event for Top Token Holders
GoMining: Revolutionizing Bitcoin Mining Through Gamification
Trending news
MoreCrypto prices
More
