Despite recent drops in crypto prices throughout June, most cryptocurrencies are well above their 2024 open with only XRP and LTC struggling. (Image from Pierre Borthiry at unsplash.com)
The cryptocurrency market is consolidating after a massive bull run from October to March.
BTC has exceeded USD 71k several times this year but has floundered in the mid-USD 60k since May. The two main coins, BTC & ETH, have only lost 15% from their yearly highs, while altcoins are down 38% to 52% from their peaks.
Some of the Layer1 coins, such as SUI, have dropped as much as 60%. The sentiment in most social media feeds is of bear market despair.
So, why aren’t altcoins enjoying the same bullish trend as the market leaders?
One of the reasons could be that altcoins are constantly diluting the supply of their tokens. Most tokens are locked up for long periods and are controlled by early investors.
When these tokens are unlocked, they flood the market with new coins and the price drops… a constant sell pressure, whereas ETFs have constant passive investments and bond buybacks. Venture capital companies also contribute to the drop in altcoin prices by selling to realize profits for their investors.
In Q1 of 2022, VCs invested USD 13b, which pumped up the market… those investments are now being sold off to invest in other hot crypto sectors such as AI.
Another factor is seasonal trends. The big three – BTC, ETH and Tether (USDt) have come off every June since 2018, pulling down the rest of the market with them. This year is no exception, as the big three are down 11% this month.
The altcoin index is currently at 22%, so it may take a while for investors to get excited about buying. Many analysts believe the season will kick off at the end of June as other crypto developments drive the market, such as ETH ETF approvals and the possible launch of spot BTC ETFs in Thailand and Australia.
The key to entering the market has always been watching market trends and possessing a buying strategy (diversify, entry/exit) so that investors can capitalize on potential opportunities. Easier said than done…
iGaming Crypto Watch: With the current crypto price drops, it’s interesting to compare them with last month’s and previous month’s results. You can begin looking at our iGaming Crypto Watch May 2024, and then head back through April, March, February, January, and then back into 2023.
Cryptocurrency Prices
Bitcoin (BTC)
Bitcoin has plunged since the last report, coming off 10% in the last month. One factor for the drop in price is the anticipated sales of the collapsed Japanese exchange, Mt. Gox of 9b USD, which is owed to creditors.
Another factor for the sell off is earlier in the week, the German government sold 195m USD of BTC and moved 600m USD to 4 different exchanges, including Bitstamp and Kraken. BTC is currently trading at 61, 371 USD and market analysts have stated they expect it to drop below $60k USD in the next few days.
Current BTC Price
$61,371
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $42,280 (+$19,090 / +45.14%)
- 1 Jan 2023: $16,606 (+$44,764 / +269.51%)
Bitcoin Cash (BCH)
The fallout from Mt. Gox has also affected Bitcoin Cash, which has dropped 16% in the last month. The Japanese exchange will distribute 143k BCH to creditors next month.
The coin tested the 350 USD support level several times last week and may go lower. The return of these coins may be inconsequential, and BCH may remain flat or even spike. BCH is up 3.6% in the last 5 days and is currently trading at 394 USD.
Current BCH Price
$394.00
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $268.03 (+$125.97 / +47.00%)
- 1 Jan 2023: $96.77 (+$297.23 / +307.15%)
Litecoin (LTC)
After Litecoin consolidated at the beginning of June, the coin has come off almost 12% in the past 3 weeks. The payment provider has recovered somewhat and bounced 5% in the past 5 days, recovering some of its previous losses.
The reason for the jump was increased interest in Ordinals, which recorded an inflow of 25.3m USD over the 2 weeks. LTC inscribed over 24m Ordinals without compromising security or speed.
The coin is currently trading at 73.54 USD with weak support at 69.67 USD.
Current LTC Price
$73.54
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $74.75 (-$1.21 / -1.62%)
- 1 Jan 2023: $70.89 (+$2.65 / +3.74%)
TRON (TRX)
Tron continues to hold its monthly gains against the big 3. The coin is up despite the crypto market downturn.
Volume in the last few days has averaged 600m USD and the market cap of TRX is now 11.31b USD. A consensus among analysts is that the coin could surge 39 to 45% in this sustained uptrend.
Active users on the TRX blockchain are currently 2.1m users a month, more than BNB, Solana, Polygon, Ton… But in terms of blockchain upgrades & developments, social media sentiment has stated their disappointment that the blockchain is faltering in its ability to push out new projects.
Tron is currently trading at 0.12 USD, it’s highest level since mid-March.
Current TRX Price
$ 0.12
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.11 (+$0.01 / +9.09%)
- 1 Jan 2023: $0.055 (+$0.065 / +118.18%)
Ripple (XRP)
Market analysts have been predicting a Ripple breakout for the last two months, and it keeps pushing down. The cryptocurrency is down 24% since January and is close to breaking past its one-year low of 0.46 USD.
The coin has lost 9.4% in the last month and continues its bearish trend. The coin is currently in 7th place, just ahead of TON, which occupies the eighth spot. Open interest in XRP has waned in the past few weeks and is currently at 580m USD, a significant drop from March and April levels.
Ripple is trading at 0.47 USD with weak support at 0.46 USD.
Current XRP Price
$0.47
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.63 (-$0.16 / -25.40%)
- 1 Jan 2023: $0.34 (+$0.13 / +38.24%)
Ethereum (ETH)
Earlier in the month, Ethereum was approaching the critical resistance level of 3,900 USD but failed to breakout. The coin has reversed and has lost 10% in June and is close to breaking down if it hits the 3,200 USD level.
The fall in price indicates selling pressure and traders are bearish and holding more short positions. ETH is currently trading at 3,383 USD with weak support at 3,129 USD.
If ETH breaks through this support level the coin could breakdown below the 3k USD level.
Current ETH Price
$3,383
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $2,352.76 (+$1,030.24 / +43.79%)
1 Jan 2023: $1,195.51 (+$2,187.49 / +182.94%)
Fast Token (FTN)
Fasttoken has experienced strong growth. The crypto coin has surged 184% in the last year because of strong interest in the development of new features.
The token recently raised 23.3m USD to expand its Web3 ecosystem and boost its marketing of GameFi & Web3 ecosystem. The expansion will also include other services such as staking, block creation, validation speeds and a reward program.
FTN has been in a holding pattern in June and has remained at 2.21 USDT.
Current FTN Price
$2.21
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $1.38 (+$0.83 / +60.14%)
1 Jan 2023: $0.35 (+$1.86 / +531.43%)
Disclaimer: The information covering cryptocurrencies in this guide is the opinion of Luke Webber only. Casinoplusbonus is not a crypto trading expert and Luke is purely providing us with his experienced outlook of the market for informational purposes only, and not trading advice.
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