The market cap of Bitcoin (BTC) dropped another 33% in June, which is now beginning to numb the Twitter community. On the upside, many crypto traders who wanted out did so fairly aggressively from March to May. But, the less optimistic news is that the stagnancy in address activity may need to change for prices to get a running start on recovery.
Unlike April and May, the altcoin pack didn’t struggle tremendously more than Bitcoin. BTC’s 33% drop was pretty middle of the road in terms of corrections. In a vacuum, crypto bulls would prefer seeing altcoins continuing to lag, pushing more traders back toward Bitcoin as a relative “safe haven.”
Nevertheless, June was a tale of two halves. June 1-15 saw a massive 25% further downswing for Bitcoin. Comparatively, June 16-30 was looking up until the very end of the month, which now exhibits an additional 8% slide.
The $20,000 price level has shown to be both psychological support and resistance area. Therefore, a drop below (which could very well occur by the time this article is published) may quickly change traders’ outlook. Panic selling and overly eager buying should occur as soon as the $19,500 to $19,900 range is hit.
So far, 2022 has served as a reality check for altcoins whose market caps have ballooned to astronomic levels in the past two years. As mentioned, Bitcoin was nothing special compared to alts in June, but it has held up better than most projects and even a few stablecoins. As a result, the spotlight shines bright on Bitcoin, as evidenced by a healthy community focus.
This phenomenon was reflected in the whole last week of June. Bitcoin was mentioned on Santiment’s social platforms at its highest rate in about four months, while the discussion around other popularRead more on cointelegraph.com