The cryptocurrency market has seen a sharp retreat over the past 24 hours, with $130 billion wiped from total market capitalization.
According to CoinMarketCap data on May 30, the overall crypto market cap dropped from $3.45 trillion to $3.32 trillion, a 3.77% decline.
Bitcoin, the market’s bellwether, is now trading just above $105,000, down 3% on the day. Altcoins have been hit even harder. XRP has slipped 4% erasing $6 billion, Solana is down roughly 5%, and Dogecoin has led the declines in the top 10 digital assets by market worth with a 9% drop.
Cryptocurrency market pullback amid uncertainty
Short-term momentum has clearly shifted, and several major assets are now testing key support levels. Risk-off sentiment appears to have gripped traders amid macro uncertainty and renewed concerns over near-term crypto inflows.
However, this sell-off hasn’t erased the strong gains seen over the past quarter, Bitcoin remains firmly above its 200-day moving average and is still up significantly year-to-date.
While the broader trend for Bitcoin and select large-caps remains upward on higher time frames, today’s drop underscores how quickly sentiment can shift in the current market. With June around the corner and several token unlocks and macro events on the radar, short-term caution may continue to dominate.
Featured image via Shutterstock
