Bitcoin Drops Below $31k As Market Slowly Retraces

TL;DR

• Bitcoin has lost less than 1% of its value in the last 24 hours after moving past the $31k level earlier this week.

• The market has been quiet over the past few hours, with most coins and tokens in the red zone.

Bitcoin Dips Below $31k

Bitcoin, the cryptocurrency with the largest market cap in the world, has started to retrace some of its gains after performing excellently over the last two days.

The leading cryptocurrency is up by more than 1% over the last seven days, allowing it to rally past the $31k level earlier this week. 

The rally was fueled by BlackRock and others refiling their spot Bitcoin ETF applications. At press time, Bitcoin is trading at $30,774, down by less than 1% in the last 24 hours.

With Bitcoin recording losses, the total cryptocurrency market cap has also declined. The total cryptocurrency market cap currently stands at $1.2 trillion, down by nearly 1% today.

Bitcoin Cash has continued its retracement, losing more than 2% in the last few hours. BCH reached a new yearly high of $320 over the weekend but has now shed more than 10% of its value since then and currently stands at $274 per coin.

Zilliqa is the best performer amongst the top 100 cryptocurrencies by market cap so far today. ZIL, the native coin of the Zilliqa blockchain, is up by nearly 10% in the last 24 hours.

As previously announced, the planned mainnet upgrade to version 9.2.0 is currently underway. The network upgrade began from the block number 2,994,688.

The Zilliqa team will provide prompt updates on the completion of the upgrade process and appreciates the understanding and… https://t.co/xg2MLu4opB

— Zilliqa (@zilliqa) July 5, 2023

Zilliqa’s rally is fueled by the network’s ongoing upgrade. The upgrade is set to bring enhanced performance and build out EVM compatibility.