Bitcoin traded lower on Wednesday as traders took profits into the June close. The world’s largest cryptocurrency is on track for a record second-quarter price drop of 41%, snapping a four-quarter winning streak that saw prices chart a sixfold rise to almost $65,000 in April.
The crypto sell-off over the past quarter was triggered by regulatory crackdowns, concerns about tighter monetary policy, environmental issues and a slowdown in institutional demand. Selling stabilized in June, leaving bitcoin in a tight range of between $30,000 and $40,000.
Bitcoin was trading at around $34,000 at press time and is down about 4% over the past 24 hours.
“Price swings reinforce the idea that volatility is a fundamental part of a nascent and expanding market,” Steve Elrich, CEO of crypto exchange Voyager Digital, wrote in an email to CoinDesk. “Investors are still buying the dip.”
- S&P 500: 4300.4, +0.2%
- Gold: $1769.5, +0.5%
- 10-year Treasury yield closed at 1.458%, compared with 1.473% on Tuesday
Relative performance in June
Bitcoin outperformed other large market-cap cryptocurrencies in June with a decline of 2.7%, versus declines of more than 30% in XRP, EOS and LINK.
The decline in altcoins stabilized bitcoin’s dominance ratio, or relative market share, at around 45%. There are signs, however, that altcoin demand has risen in recent weeks.
“While bitcoin remains in our top weekly net buys, we are seeing other altcoins gaining popularity in the wake of its dip, including SHIB and ETH which took the top two spots for