Crypto Market Slumps After Bitcoin Hits All-Time High: What's Behind the Decline?

The cryptocurrency market took a significant downturn today (6/3/2024) following Bitcoin's historic surge to its all-time high. According to CoinMarketCap data as of Wednesday (6/3/2024) at 10:24 AM WIB, the crypto market experienced a decline. Bitcoin weakened by 7.09% to $63,266.22 after previously reaching the $69,000 level, setting a new all-time high (ATH). Despite this, it remained in positive territory for the week, up by 11.09%.

Ethereum also dipped by 2.98% in the last 24 hours, although it still saw an increase of 8.89% over the week.

Cardano experienced an 11.48% decline on a daily basis, although it appreciated by 9.87% over the week.

Similarly, Dogecoin plummeted by 23.28% in the last 24 hours, but it soared by 58.74% over the past seven days.

The CoinDesk Market Index (CMI), which measures the weighted performance of the digital asset market, fell by 6.96% to 2,616.08. Open interest depreciated by 6.44% to $62.32 billion.

Meanwhile, the fear & greed index from showed a reading of 86, indicating that the market is in a highly optimistic phase regarding the current state of the economy and the crypto industry.

According to, the rapid rise in Bitcoin's price over the past month, reaching its peak at a new all-time high and swiftly reversing on Tuesday, suggests that some early miners have begun selling their old block rewards, putting pressure on Bitcoin's price.

On-chain data found by CryptoQuant indicates that, just before Bitcoin hit its new all-time high of around $69,000 and then dropped to $62,000 on Tuesday, 1,000 bitcoins worth about $69 million were moved to Coinbase through addresses that are over a decade old, according to research firm associated with miners. (Moving long-dormant tokens to Coinbase, a major crypto exchange, could be the beginning of a sell-off.)

CryptoQuant analyst Bradley Park said that the sale of 1,000 bitcoins is likely to trigger a significant price decline.

"Especially when traders are waiting to short the highest bitcoin price of all time, as on Tuesday," Park said.


The crypto market's downturn following Bitcoin's record-breaking surge highlights the volatility and speculative nature of the cryptocurrency industry. While Bitcoin's meteoric rise has captivated investors, it also attracts profit-taking and selling pressure, as seen with the movement of long-dormant bitcoins to exchanges. As the market navigates through these fluctuations, investors should exercise caution and stay informed about the underlying factors influencing cryptocurrency prices.

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