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These are the top 5 currencies
This week in crypto, the market is positioned at a pivotal time with several significant developments on the horizon. These are the top 5 cryptocurrencies to keep an eye on in the coming days.
#1 Bitcoin: Testing Critical Price Levels
Bitcoin’s recent drop below the $61,000 mark has led to a wave of fear and uncertainty. The cryptocurrency is now in what is known as a golden pocket, a critical Fibonacci retracement level that often indicates significant market reactions.
Daan Crypto Trades (@DaanCrypto) highlighted the importance of this level, stating: “Bitcoin has reached the gold pocket Fibonacci retracement level. If there are still bulls that want to make a higher low, then this is the place. A rejection should lead to a mid-range retest ($66,092), where failure to do so will likely result in a low-range retest ($59,095). Level by level.”
James Check (@Checkmatey), a noted network analyst, further contextualizes the current market dynamics, pointing out that Bitcoin’s sell-side risk ratio has peaked, indicating a potential turning point: “Bitcoin’s sell-side risk ratio has reached levels signaling that it is time for the market to move. All the profits that would have been made were gone. Same for losses. The market needs to find a new price range to stoke fear, greed, panic or euphoria.” This suggests that Bitcoin could soon enter a new phase of price discovery, influenced by underlying market sentiments.
Additionally, prominent crypto trader Wolf (@IamCryptoWolf) provided another reason to be optimistic about Bitcoin’s recovery, predicting a rebound from current support levels to all-time highs: “As expected, BTC has reached the $62 mark thousand. Market sentiment has become extremely pessimistic, just as I predicted. Who would have thought that 10 days ago, huh?”
#2 Ethereum: exchange-traded funds on the horizon
The push for Ethereum-based exchange-traded funds (ETFs) in the United States gained momentum with major players such as VanEck, BlackRock, Grayscale and Invesco Galaxy Digital reviewing their S-1 proposals to the SEC last Friday, June 21. It notably established a competitive management fee of 0.20%, closely rivaling Franklin Templeton’s 0.19%. This competitive pricing strategy could put pressure on other fund managers, including BlackRock, to maintain or reduce their fees to remain competitive.
Approval of S-1 forms marks a critical final step before funds are ready to launch. Balchunas predictions that these funds will make their debut in early July, coinciding with the week leading up to the US Independence Day holiday, the 4th of July.
#3 Explosion: Ethereum Layer-2 Scaling Solution and Token Airdrop
Blast, emerging as a significant Layer 2 Ethereum scaling solution, is set to increase its market presence with the launch of its token and a comprehensive airdrop on June 26. The founder of NFT marketplace Blur, who also leads Blast, has designed an innovative reward system where Blast Points and Blast Gold are allocated to users and developers within the ecosystem.
The airdrop distribution strategy is particularly noteworthy. Half of the token airdrop will be distributed to developers through Blast Gold. The other half will be distributed to early adopters. This approach aims to balance incentives between developers who improve the platform and users who contribute to its ecosystem through engagement and transactions.
“Dapps must distribute all gold and points to users by June 25th at 8am ET for them to be counted. If you are a user and your EOA has points or gold, you must have signed into the Blast dashboard with that EOA at least once (either by receiving an invite or linking it to an existing account) for it to be included in the calculations. airdrop,” the Blast team announced some days ago.
#4 TRUMP AND MAGA: Crypto volatility amid political debates
The upcoming US presidential debate on June 27 between Joe Biden and Donald Trump is poised to inject volatility into politically related memecoins such as TRUMP (MAGA) and Jeo Boden (BODEN), from Solana.
The 90-minute debate, hosted by CNN’s Jake Tapper and Dana Bash, will take place without a studio audience at the request of Biden’s team, deviating from traditional debate formats. To avoid disruptions, Biden’s team reached an agreement to mute the candidates’ microphones when it is not their turn to speak, a measure to which the Trump campaign consented.
The value of political memecoins, TRUMP and MAGA, may fluctuate significantly based on the outcome of the debate.
#5 Litecoin: Anticipation builds for Litecoin Summit 2024
The Litecoin community is looking forward to Litecoin Summit 2024, scheduled for July 24-25 in Nashville, Tennessee. The summit agenda is packed with sessions that will delve into the latest developments in Litecoin technology, regulatory issues and market dynamics.
One of the most anticipated updates at the summit will be MimbleWimble Extension Blocks (MWEB), presented by developer David Burkett. This update is crucial when it comes to improving Litecoin’s privacy and scalability. Charlie Lee, the founder of LTC, will address the “State of Jail”.
At press time, BTC traded at $60,790.
Featured image created with DALL·E, chart from TradingView.com