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Market Updates

The winners of the week (COMP, XDC, DOGE)

Overview:

  • Bitcoin Back Up with More Pull, price above $ 34,000
  • Limbo between bull and bear markets remains
  • $ 29,000 and $ 42,000 the major brands for Bitcoin short-term

As predicted, it will probably be an exciting summer for every crypto trader and investor.

At the moment, the markets are in a state of limbo, both a bullish and a bearish scenario is conceivable.

The current Bitcoin price benefits from positive news. Thus, it became known that Morgan Stanley is invested in GBTC.

Bitcoin: Are the bears winning or are the bulls making a comeback?

Bitcoin is currently making the Bitcoin bears happy, but the bulls can also breathe a sigh of relief. For now, the sell-off was stopped, which temporarily pushed the Bitcoin price below $ 30,000. Meanwhile, the price has recovered and is over 34.000 US dollars.

Now it is necessary to observe the marks of $ 29,000 and $ 42,000. While we should expect a sustained bear market if we break through the $ 29,000 again, a price above $ 42,000 would be potentially bullish, but also carries the risk of a bull trap. However, should the price set above the mark, the bulls are in the advantage.

BTC Price
BTC Chart, Source: TradingView

A very positive news that reached the market today is that about Morgan Stanley’s investment in the Grayscale Bitcoin Trust. In an SEC document, the company announced that it held more than 29,000 shares of the GBTC trust. Already at the beginning of the year, increased interest in Bitcoin on the part of Morgan Stanley could be observed. So they not only invested heavily in the company MicroStrategy, but are also mentioned by name in some Bitcoin ETF applications.

Bitcoin’s dominance can continue to edge higher, peaking at around 48.2% over the past seven days, with the lowest being 45.2% on June 21. This led to further sales of some altcoins:

BTC Dominance
BTC Dominance, Source: TradingView

Market capitalization of Bitcoin and altcoins

The market capitalization of all cryptocurrencies is at the level of the previous week, at around $ 1,400 billion:

Cryptocurrencies Market cap
Cryptocurrencies Market Cap, Source: Coinmarketcap

Altcoin’s market capitalization also remained stable and remains close to $ 750 billion:

Altcoins Market Cap
Altcoins market cap, Source: Coinmarketcap

The Altcoin Winners of the Week

COMP (Compound)

COMP Price
COMP price, Source: Coinpaprika

Compound is one of the most popular DeFi projects and allows users to take out loans with cryptocurrencies as collateral. On the other hand, lenders can use their crypto assets to generate passive income in the form of interest by issuing loans. The associated COMP Governance token has risen almost 10% in the last seven days.

XDC (XDC)

XDC Price
XDC price, Source: Coinpaprika

XDC is working on a hybrid blockchain that will connect public and private blockchains. This should enable interoperable blockchain solutions for companies. The price of the corresponding XDC coin could rise by a good 11% in the last week.

Dogecoin (DOGE)

DOGE Price
DOGE Price, Source: Coinpaprika

DOGE has had a stunning run this year and is still trading at over $ 0.25. Even though the hype around the number 1 Memecoin seems to be flattening, the price has been able to increase by more than 15% in the last week.

Conclusion: bear or bull market, the decision is approaching

It is slowly becoming unbearable for many to wait for what happens next and whether a washed-out bear market blooms, it only goes sideways for now, or whether the bulls come back and give us a new Bitcoin ATH including next old season. Personally, I bet on the latter scenario, but risk must be carefully weighed.

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