Bitcoin’s price has recently fallen sharply, dropping below $70,000 to its lowest point in nearly two months.
Several altcoins are performing better than Bitcoin, or aren’t falling as much when Bitcoin drops, which is reducing Bitcoin’s control of the cryptocurrency market.
Bitcoin Dominance Craters
Just a few weeks ago, the leading cryptocurrency was trading above $80,000, even briefly reaching around $82,000 to $83,000. But since then, its price has fallen sharply. It quickly dropped below the $80,000 level and reached $75,000 on May 23rd and 24th.
Bitcoin briefly tried to recover to $78,000, but the downward trend quickly resumed. This pushed the price below $74,000 by late May. Although it stayed between $73,000 and $74,000 for a short time, Bitcoin then fell further as June began.
Bitcoin briefly dropped to $71,000 yesterday before finding a little support, but the price quickly fell again. Today, it fell below $70,000 for the first time since April 8th, possibly influenced by some transfers from Mt. Gox. Also, Bitcoin’s share of the crypto market has decreased as other cryptocurrencies have experienced smaller price drops.
The metric has fallen to 56.3% on CG, a decrease of about 2% in the last week. The market value is now barely staying above $1.4 trillion.
Alts Take It Better
Most altcoins are down today, but their losses aren’t as significant as Bitcoin’s. Ethereum is actually showing a slight gain for the day, despite remaining below $2,000. Several other coins—XRP, TRX, ADA, and RAIN—have each fallen by less than 3%, and BNB, HYPE, and SOL are down around 1%.
As a researcher tracking the crypto market, I’ve observed a dramatic shift today. XLM has experienced a significant drop, falling over 9% – its largest single-day decline in a while, especially considering its recent gains. Meanwhile, NEAR, ICP, and H are showing strong positive momentum, each with double-digit percentage increases in price.
The total value of all cryptocurrencies has fallen below $2.5 trillion, according to CoinGecko. Just a few weeks ago, it was over $2.7 trillion.
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2026-06-02 12:06