As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. This week, the crypto market is at a pivotal moment with several significant developments on the horizon. Here are the top 5 cryptocurrencies that I believe are worth keeping an eye on in the upcoming days.
In the dynamic world of cryptocurrencies, this week marks a pivotal moment as key events loom large on the horizon. Here are five digital currencies that merit your close attention in the coming days:
#1 Bitcoin: Testing Critical Price Levels
The drop in Bitcoin’s value beneath the $61,000 threshold has sparked apprehension and doubt among investors. Currently, Bitcoin hovers around a crucial mark – the “golden pocket” or the significant Fibonacci retracement level, which historically triggers substantial market responses.
As a crypto market analyst, I’d like to emphasize the significance of the current level for Bitcoin. According to Daan Crypto Trades (@DaanCrypto), this is where Bitcoin has reached the golden pocket Fibonacci retracement level. For those bulls who are still around and looking to establish higher lows, this could be an excellent opportunity. A bounce from here should ideally lead us to a mid-range retest at approximately $66,092. However, if Bitcoin fails to hold this level during the retest, we may witness a range low retest around $59,095 instead.
James Check, a well-known on-chain analyst (@Checkmatey), sheds light on the current market situation by bringing attention to the fact that the Bitcoin Sell-side Risk Ratio has hit a high point. He explains, “The Bitcoin market is signaling a shift with the Sell-side Risk Ratio reaching a significant threshold. Essentially, all potential profits and losses have been realized. The market now requires fresh sentiment – be it fear, greed, panic, or euphoria – to establish a new pricing trend.” This implies that Bitcoin could be on the verge of entering a new stage of price exploration based on evolving market emotions.
As a crypto investor, I’ve closely followed the market movements and analyses of prominent traders like Wolf (@IamCryptoWolf). Recently, he expressed optimism about Bitcoin’s potential recovery, predicting a bounce from current support levels towards all-time highs. He shared his perspective, “Bitcoin finally touched the $62k mark. The market sentiment has now turned extremely bearish, just as I had anticipated. Who would have thought this 10 days ago?”
#2 Ethereum: Exchange-Traded Funds On The Horizon
As a researcher studying the developments in the cryptocurrency market, I’ve noticed an increasing buzz surrounding Ethereum-based exchange-traded funds (ETFs) in the US. Notable industry players like VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital have recently updated their S-1 filings with the SEC on June 21st. Among these, VanEck is setting a competitive management fee of 0.20%, which is comparable to Franklin Templeton’s 0.19%. This pricing strategy could create pressure on other fund managers, including BlackRock, to reconsider their fees in order to stay competitive within the market.
As a researcher, I can tell you that the approval of S-1 forms signifies a pivotal moment, as it’s the last major hurdle before the funds are prepared for their public launch. According to Balchunas’ predictions, these funds are expected to debut in early July, aligning with the week preceding the US Independence Day celebration on July 4th.
#3 Blast: Ethereum Layer-2 Scaling Solution And Token Airdrop
Emerging Ethereum scaling solution Blast, known for its impact, is poised to expand its reach with the introduction of its token and a widespread airdrop scheduled for June 26. The founder of Blur NFT marketplace, who also heads Blast, has devised an original incentive scheme distributing Blast Points and Blast Gold amongst users and developers within the community.
The method by which we’re giving out the airdrop tokens is worth highlighting. Developers will receive half of the tokens via Blast Gold, while the other half goes to early adopters. This arrangement seeks to strike a harmony between developers who enrich the platform and users who foster its community through interaction and economic activity.
“Dapps must distribute all Gold and Points to users by June 25, 8am ET in order for it to be counted. If you are a User and your EOA has Points or Gold, you must have signed into your Blast dashboard with that EOA at least once (either by receiving an invite or linking it to an existing account) in order for it to be included in the airdrop calculations,” the Blast team announced a few days ago.
#4 TRUMP And MAGA: Crypto Volatility Amid Political Debates
As a researcher studying the intersection of politics and cryptocurrencies, I can tell you that the upcoming US presidential debate on June 27 between Joe Biden and Donald Trump is likely to cause fluctuations in politically-themed memecoins like TRUMP (MAGA) and Solana-hosted Jeo Boden (BODEN).
CNN’s Jake Tapper and Dana Bash will oversee a 90-minute debate between President Donald Trump and Joe Biden, but due to a request from the Biden team, no studio audience will be present. To maintain order and reduce interruptions, an arrangement has been made for the candidates’ microphones to be muted when they are not speaking, which Trump’s campaign has agreed to.
The worth of political memcoins like TRUMP and MAGA could see noticeable changes depending on how the debate turns out.
#5 Litecoin: Anticipation Builds for the Litecoin Summit 2024
As a crypto investor closely following Litecoin, I’m excited about the upcoming Litecoin Summit 2024. Scheduled for July 24-25 in Nashville, Tennessee, this event promises to be insightful with its agenda filled to the brim. I’ll be looking forward to diving deep into the latest technological advancements shaping Litecoin, gaining insights on regulatory matters that may impact us, and analyzing market trends that could potentially influence my investment decisions.
At the upcoming summit, one highly anticipated topic will be an update on MimbleWimble Extension Blocks (MWEB) by developer David Burkett. This update holds significant importance as it brings improvements in privacy and scalability to Litecoin. Charlie Lee, the creator of LTC, is set to discuss the current status of the blockchain itself.
At press time, BTC traded at $60,790.
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2024-06-24 14:42