At the beginning of the trading session on Friday, Bitcoin fell slightly and started a correction. Thus, at the time of writing, the asset is trading at $29,903. At the same time, BTC was trading between $29,732 and $30,609 yesterday. Since the beginning of June, Bitcoin has decreased by more than 7%. During the last two months, the BTC price collapsed by 1.6 times to $29,000 from $45,800. At the same time, Bitcoin has lost 30% since the beginning of spring. The cryptocurrency's price has already lost more than 50% since November last year when the coin hit its all-time high by soaring above $69,000. At the same time, many other virtual assets plummeted from their highest levels.
Altcoin market
On Friday, Ethereum, Bitcoin's main competitor, also started the trading session with a slight drop, and in the afternoon it also started a correction. Thus, at the time of writing, the value of the coin reaches $1,802. At the beginning of the week, Ethereum fell sharply by 7.86% and at the moment reached $1,757 per coin, but later began to rise gradually. As for the cryptocurrencies of the top 10 by market cap, Solana gained 4.50% in the past 24 hours and topped the list of market gainers. At the end of last week, Binance Coin lost 5.24% and was the main outsider, while Cardano added 7.44% and was ranked first among the top ten cryptocurrencies. According to CoinGecko, the world's largest aggregator of virtual asset data, in the last 24 hours, Tezos added 10.4% and topped the list of the top 100 most capitalized digital assets, while eCash lost 3.6% topped the list of losers. According to last week's results, the main outsider among the top 100 cryptocurrencies was Internet Computer dropping by 32.3% and the leader was Helium gaining 40.6%.
Expert forecasts
As history shows, June is not the best month for Bitcoin. Thus, over the past 11 years, since the start of trading of the first cryptocurrency, BTC closed the month with a drop in 4 cases and an increase in 7. Moreover, in recent months, crypto experts have been saying that Bitcoin is following the 2018 scenario. If the scenario comes true, we can assume that the asset may continue to decline in June. Moreover, many crypto analysts suggest that Bitcoin is likely to experience troubles not only in June but during the whole summer of 2022, and in August the asset may even hit the bottom. Experts consider the protracted military conflict in Ukraine and market participants' concerns about the prospects of the global economy as the key downward factors for BTC in June and August. In the near future, the spread of monkeypox may also negatively affect BTC. However, BTC lacks a strong catalyst either for growth or decline and the cryptocurrency market is currently languishing in anticipation and uncertainty. Without strong incentives, experts believe, the current investor sentiment will keep Bitcoin quotes in the range of $28,000 - $32,750 with some prospects of a decline in the future. At the same time, Ethereum may hover within the range of $1700-$2100. The continuous fall of the key US stock indices, in particular the NASDAQ Composite, was also a downward factor for the crypto market today. As evidence of the high correlation between the value of cryptocurrencies and stocks, the April trading results of the flagships of both markets can be cited. This month, the high-tech indicator NASDAQ Composite lost more than 12%, which was the highest decline since 2008. At the same time, Bitcoin dropped by 16.2% in April which was the lowest value of this month since 2011. Earlier, the experts of the investment company Arcane Research have already stated that the correlation between BTC and technology securities has reached the highest level since July 2020. Such a close connection between Bitcoin and the NASDAQ index makes investors increasingly question the cryptocurrency's ability to be a hedge against inflation and worry that BTC may soon become a risky asset instead of being a resort. In addition, the constant roller coaster ride in the crypto market is forcing traders with small deposits to sell their BTC to preserve some of their own capital. At the same time, large market players are buying up digital assets at a lower cost, which will soon help them significantly increase their initial investment
