[ad_1]
We said June would be a bad month…
June Recap: WTF Happened to Crypto?
The crypto market saw a lot of red during the month of June and while we expected June to be a slow month, it turned out worse than we have forecasted. There were a few significant and key events that took place during the month which contributed to the drop in the market.
Key Factors Affecting Crypto in June:
- Interest Rates: The U.S. Federal Reserve did not lower interest rates in June which the market had been anticipating, contributing to a further decline in the market.
- Mt. Gox: The now-defunct crypto exchange moved its repayment date for creditors to July 2024, which will result in the release 142,000 BTC (around $9 billion) into the market for the next four months.
- Governments Selling BTC: The U.S. government sold 3,940 BTC ($240 million) of their BTC seized from Silk Road. As well, the German government sold $3 billion worth of Bitcoin in June. It should be noted that the U.S. government is one of the largest holders of Bitcoin, with an estimated holding of 5,515 BTC, valued at approximately $5.66 billion.
Outlook for July & August:
We are predicting a slight recovery during the month of July but no significant increase until late September. The repayment of the $9 Billion of Mt. Gox. funds and government offloading of Bitcoin we believe will continue to put downward pressure on the market.
I believe the summer months will continue to be slow with the markets moving sideways until early September, when historically we see new higher-highers in the month leading up to December. Also, with the upcoming US elections around the corner, if crypto becomes a topic of debate, we could see new interest in the crypto markets.
Join Us – As We Move into Run-Up Phase
If you want to know what we are buying, you are welcome to join us as we share our monthly Altcoin picks in anticipation of the upcoming bull run – Become a member to gain access.
Richard.
Top 100 Trending Altcoins
We are seeing some recovery in the market this week, including memecoins.
Today’s Crypto Fear & Greed Index
Today’s Crypto Fear and Greed Index = NEUTRAL –> No Change (51 last week).
Bitcoin & Ethereum Price Movement
Bitcoin decreased 0.08% last week, currently trading at $61,856. In the previous 90 days, Bitcoin has decreased by 6.7%.
Ethereum increased 0.07% last week, currently trading at $3,401. In the previous 90 days, Ethereum has increased by 1.7%.
Global cryptocurrency market capitalization decreased to $2.3T (from $2.35T last week).
Top 100 Gainers – Last 7 Days
In the previous 7 days, the biggest gainers (within the top 100):
Ethereum Name Service (ENS) +30% – Ranked #70
The Ethereum Name Service (ENS) is a decentralized naming system that converts long Ethereum addresses into simple, human-readable names like alice.eth. This makes crypto transactions more user-friendly and reduces errors. ENS is fully decentralized, enhancing security, and supports multiple cryptocurrencies. It works seamlessly with various Ethereum-based services and decentralized applications (dApps), making it easier to send and receive assets.
Akash Network (AKT) +19% – Ranked #74
The Akash Network (AKT) is a decentralized cloud computing marketplace that connects users needing computing resources with providers offering excess capacity. AKT offers provides a more open, secure, and cost-efficient alternative to traditional cloud services. Akash supports Kubernetes for seamless integration, offers competitive pricing through its marketplace model, and enhances security and privacy by eliminating central control.
Kaspa (KAS) +14% – Ranked #24
Kaspa (KAS) is a decentralized, open-source cryptocurrency designed for fast and secure transactions using the GhostDAG protocol, which allows multiple blocks to be mined simultaneously, enhancing transaction throughput and reducing confirmation times. It offers high-speed, scalable transactions without compromising security or decentralization, making it suitable for everyday payments and high-frequency trading. Kaspa maintains robust security, preventing double-spending, and employs a fair distribution model for its coins.
MANTRA (OM) +12% – Ranked #96
MANTRA (OM) is a decentralized finance (DeFi) platform that offers staking, lending, and governance services within the cryptocurrency ecosystem. Utilizing its OM token, users can stake assets for rewards, lend and borrow digital assets, and participate in the governance of the platform through the MANTRA DAO. The Karma Protocol incentivizes active participation by rewarding users based on their contributions. With cross-chain compatibility and a variety of DeFi tools such as liquidity mining and yield farming, MANTRA aims to create a versatile and user-driven financial ecosystem.
Meme Coins
We love to hate and hate to love meme coins. These projects are frowned upon by most serious investors because they don’t have any intrinsic value however, meme coins are responsible for more crypto millionaires than any other sector in the crypto market.
Top Performing Meme Coins
Meme coins have continued to perform well in this market over the last few weeks. The biggest gainer in the last 30 days has been …..NORMIE (NORMIE) +3,908,249% (30d).
What is the Next 100x Meme Coin?
It’s highly likely given all the public attention and focus for the upcoming elections, the next 100x meme coin will be political. The funny thing about this industry is that it’s likely that the “next 100x meme coin” hasn’t’ even been minted yet.
June & July Altcoin Pick
We apologize to our subscribers as we did not publish an altcoin pick for the month of June. As much as we would like to consistently publish monthly altcoin picks, the timing of our picks needs to be coordinated with the market.
Throughout the month of June, we consistently saw indicators we have yet to hit the bottom of this cycle. I am anticipating the market to continue to move sideways until at least late August.
I don’t think we have seen the bottom of this cycle yet but will release the next Altcoin Pick as soon as we do. Until then, we are holding off until the market presents more favorable conditions.
If you would like access to our current and past Altcoin picks, consider becoming a member – It’s only the price of a few cups of coffee a month.
Altcoin picks are emailed to members as soon as they are published. If you are wondering how we choose our monthly Altcoin Picks, this is the methodology we use.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,
Richard.
[ad_2]
Source link
