This week in the cryptocurrency sector, the market is at a crucial moment with several important events on the horizon. These are the top 5 cryptocurrencies to pay attention to in the coming days.
#1 bitcoin: Testing critical price levels
bitcoin's recent drop below the $61,000 mark has sparked a wave of fear and uncertainty. The cryptocurrency is now in what is known as the golden bag, a critical Fibonacci retracement level that often indicates significant market reactions.
Daan crypto Trades (@DaanCrypto) highlighted the importance of this level and stated: “bitcoin reached the golden pocket Fibonacci retracement level. If there are any bulls left who want to turn this into a higher low, then this is the place. A bounce 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 prominent on-chain analyst, further contextualizes the current market dynamics, noting that bitcoin's sell-side risk index has peaked, indicating a possible turning point: “The bitcoin sell-side risk index has reached levels that indicate it is time for the market to move. All the gains that were going to be taken have been taken. The same for the losses. The market needs to find a new range. prices to fan the fires of 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 cryptocurrency trader Wolf (@IamCryptoWolf) gave another reason to be optimistic about bitcoin's recovery, predicting a rebound from current support levels towards all-time highs: “As expected, btc has reached the $62k mark . Market sentiment has now turned extremely bearish, just as I predicted. Who would have thought this 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 has gained momentum and key players such as VanEck, BlackRock, Grayscale and Invesco Galaxy Digital revised their S-1 proposals to the SEC last Friday, December 21. June. In particular, it has set a competitive management fee of 0.20%, very similar to 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.
The approval of the S-1 forms marks a critical final step before the funds are ready for release. Balchunas predicts that these funds will debut in early July, coinciding with the week before the US Independence Day holiday, July 4.
Project #3: ethereum Layer 2 Scaling Solution and Token Airdrop
Emerging as a major ethereum layer 2 scaling solution, Blast will enhance its market presence with the launch of its token and a comprehensive airdrop on June 26. The founder of nft marketplace Blur, who also heads Blast, has designed an innovative Rewards System where Blast Points and Blast Gold are allocated to users and developers within the ecosystem.
The airdrop distribution strategy is particularly notable. Half of the token airdrop will be allocated to developers via 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 25 at 8 a.m. ET for it to be counted. If you are a User and your EOA has Points or Gold, you must have logged into your 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 x.com/Blast_L2/status/1803478462964830553″ target=”_blank” rel=”noopener nofollow”>Announced some days ago.
#4 TRUMP and MAGA: Volatility of cryptocurrencies amid political debates
The upcoming US presidential debate on June 27 between Joe Biden and Donald Trump is about to inject volatility into politically related memecoins like TRUMP (MAGA) and Solana-based Jeo Boden (BODEN).
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 has reached an agreement to mute the candidates' microphones when it is not their turn to speak, a measure that the Trump campaign has consented to.
The value of the political memecoins, TRUMP and MAGA, could experience significant fluctuations depending on the outcome of the debate.
#5 Litecoin: Anticipation builds for Litecoin Summit 2024
The Litecoin community is looking forward to the 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 the technology, regulatory issues, and dynamics of the Litecoin market.
One of the most anticipated x.com/LTCFoundation/status/1803084713336377613″ target=”_blank” rel=”noopener nofollow”>updates The summit will be on the MimbleWimble Extension Blocks (MWEB), brought to you by developer David Burkett. This update is crucial when it comes to improvements to Litecoin's privacy and scalability. Charlie Lee, the founder of LTC, will address the “State of the Chain.”
At the time of this publication, btc was trading at $60,790.
Featured image created with DALL·E, chart from TradingView.com