Bitcoin Records Worst Performance For June, Will It Get Better From Here?
2022年6月30日 - 8:00AM
NEWSBTC
Bitcoin performance for the month of June has been nothing short of
unremarkable so far. Being a market leader, the other
cryptocurrencies in the market have mirrored its movements for the
month, leading to massive losses across the board. However, the
numbers for June are in and it shows that bitcoin’s performance for
the month has been worse in comparison to its altcoin counterparts.
Bitcoin Performance Staggers Performance all across the board has
been terrible. So far, all of the indexes have come back with
double-digits in losses for the month of June, and that is in
addition to the subpar performance the market had seen in the prior
month. But instead of the expected small cap altcoins returning the
worst of the losses, bitcoin has barreled to the forefront to
register more losses than any other index. Related Reading
| Outflows Rock Bitcoin As Institutional Investors Pull The
Plug, More Downside Coming? The pioneer cryptocurrency saw losses
touch as high as -35% as the month draws to an end. This has
resulted in a decline in the dominance of bitcoin over the broader
market after recovering to 48% in early June. BTC dominance is now
sitting at 43.69% according to data from TradingView.com. BTC
records wost performance for June | Source: Arcane Research Mostly
the losses have stemmed from the liquidations of large players in
the space. The losses recorded in bitcoin can however be attributed
to the fact that creditors focus their efforts on more liquid coins
like bitcoin. Thus the losses are more pronounced in the digital
asset. Altcoins Suffer In Tandem Although the altcoins in the space
have not recorded as many losses as bitcoin, they have seen high
losses too. The large cap index is one that follows bitcoin very
closely. Hence, the decline in BTC’s price tends to be more
pronounced in these digital assets. It is also due to creditors
liquidating these coins first due to their high liquidity. So far,
the large cap index is down -33% in the same time period. BTC drops
to low $20,000s | Source: BTCUSD on TradingView.com The mid and
small cap indexes have done much better compared to their larger
counterparts. Their losses still range into double-digits but
creditors have held off on liquidating these cryptocurrencies. This
is because they tend to be more illiquid and are therefore pushed
to the back burner in favor of larger ones such as Bitcoin and
Ethereum. The mid and small cap indexes have recorded losses of
-24% and -22% for the month of June alone. Related Reading
| Ethereum Fees Touch Monthly Lows As Transaction Volumes
Plummet However, it is not a good prognosis for these small cap
altcoins. Given that sell-offs in coins such as bitcoin and
Ethereum are nearing an exhaustion point, creditors will turn their
attention to smaller altcoins too. And given the fact that they
possess less liquidity, liquidations in these digital assets will
lead to larger declines in price. Featured image from Film Daily,
charts from Arcane Research and TradingView.com Follow Best Owie on
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