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Bitcoin is twice as profitable as the S&P 500 in Q2

In the second quarter, Bitcoin won over 40%

Bitcoin fell 0.56% on Tuesday. Thus, partially reversing Monday’s gain, Bitcoin ended June down more than 3% to $ 9,136. Despite the monthly loss for June, Bitcoin rose by an enviable 42.33% in the second quarter.

Earlier today, Cointelegraph announced that the price of Bitcoin registered its strongest performance for Q2 in history, despite the shocking collapse to $ 3,750 on March 13. It is worth noting here that the main cryptocurrency even registered twice the profit of the S&P 500 index for the quarter.

The second quarter was mixed for other major cryptocurrencies. Cardano’s ADA took the lead, rising 172.45%. Binance Coin (+22.43%), Ethereum (+69.43%), Monero’s XMR (+33.05%), Stellar’s Lumen (+65.45%), Tezos (+46.32%) and Tron’s TRX (+41.46%) also recorded stable profits.

Bitcoin Cash ABC (+1.26%), EOS (+6.98%), Litecoin (+5.03%) and Ripple’s XRP (+0.91%) lagged behind.

Reversing the trend during the quarter, however, Bitcoin Cash SV fell 4.63%.

On Wednesday morning, the total market capitalization amounted to 259.53 billion dollars. At the time of writing, the dominance of Bitcoin was 66.04%. And the trading volumes for the last 24 hours reached $ 54.54 billion.

 

What to expect in the third quarter?

Three were the main catalysts that fueled the historic Bitcoin rally from April to June. Namely: the block reward halving on May 11, the demand for BTC at a much lower price and a strong recovery in the world stock markets.

Also, data from the blockchain show that the total number of Bitcoin whales has exceeded a 3-year high above 1800 in the last 3 months. From a macro point of view, this increase in the number of whales (individual investors who own a large amount of BTC) can be considered a bullish indication.

As of the beginning of the third quarter, investors in stocks and cryptocurrencies remain concerned that markets will suffer from a drastic increase in COVID-19 infections in a number of US states. And the EU’s recent ban on Americans traveling to member countries should also have a strong effect on airlines and the global tourism industry. If stock markets volatility remains high (or above the historical average), then the correlation between stocks and BTC should remain relatively high.

The general opinion among analysts is that in the coming weeks the price of Bitcoin may test the recent bottoms again. But despite the short-term bearish outlook, BTC’s market structure and investor bullish sentiment suggest that the digital asset remains well-positioned for further gains in Q3.

 

Technical analysis of BTC/USD

Bitcoin started the new month, struggling to hold over $ 9,100 amid widespread consolidation in the crypto market.

On the downside, the first support is at 100-day SMA, supported by the upside trend line of the formed triangle of the hourly chart.

It is essential to keep the price above $ 9,100, as this will allow the bulls to focus on $ 9,200. However, if the bears prevail and the support of the triangle is broken, BTC/USD could fall below $ 9,000. And even to test recent lows at $ 8,856/18.

From a different technical point of view, the current consolidation may last longer based on the signals from RSI and MACD. Both indicators move sideways around their midlines on the hourly chart. The RSI is horizontal at 48, while the MACD is around 0.00 (midline). If they remain in the same condition longer, consolidation will also continue.

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Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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ADA/USD rose before the upgrade of Shelly on June 30

The crypto market is taking advantage of improving sentiment

BTC/USD is trading around $ 9,660 after jumping more than 4% on Monday, Zcash broke above $ 60, and Cardano’s ADA began an upside movement before the upgrade of the Shelley network.

The crypto market kicked off this week with a bullish rally on Monday, fueled by rumors surrounding PayPal. It has been confirmed that  company is hiring crypto engineers, but the reason for this is still unknown. Rumors about PayPal and Venmo, integrating crypto payments, continue, but neither side has made official comments yet.

BTC/USD has touched the zone above $ 9,700 twice in the last 24 hours, but apparently the bullish momentum is not strong enough to allow further recovery. For the other major coins, the last trading day was also positive, as all top 20 cryptocurrencies are trading on green territory. Chainlink (+9.12%), Tezos (+5.89%) and Cardano’s ADA (+3.67%) led the way up. Ethereum (+2.56%), XRM Monero (+2.48%), TRX (+2.25%) and Stellar’s Lumen (+2.17%) also found additional support.

For the last 7 trading days only Ripple’s XRP (-0.94%) has decreased modestly.

At the time of writing, the total market capitalization is $ 275.66 billion, with Bitcoin dominating at 65.89%. Trading volumes for the last 24 hours reached 59.65 billion dollars.

 

Outside the top 20 Zcash was the big winner from yesterday with a growth of 10.39%

This digital coin is attracting more and more attention to itself. Zcash has risen 200% since March 13, but has slowed significantly over the past three weeks. On June 22, ZEC tried to resume the bullish movement and yesterday buyers pushed with even greater strength. This sent ZEC/USD over $ 60, peaking at $ 62.08 before a slight retreat to $ 58.24.

The trend should remain upside in short term and nothing should stop ZEC/USD from testing the next resistance at $ 64.20. On the downside, buyers can use the previous high of $ 56.30 and the 20-day SMA (now at 52.85) as supports.

 

Cardano eagerly awaits the network upgrade for a jump above $ 0.10

The much-anticipated upgrade of Shelley network is set to begin on June 30, according to a statement from ADA founder Charles Hoskinson. With Shelley’s help, we’ll see Cardano enter the arena of smart contracts. This will allow it to compete with leading platforms such as Ethereum and EOS.

With the arrival of Shelley, Cardano is expected to become significantly more decentralized than any other blockchain network. Cardano’s Shelley upgrade currently has 200 registered stake pools and continues to work hard. From August, the investors will be allowed to help secure the network by staking their ADA tokens. In return, they will receive a reward.

Technical analysis of ADA/USD

The decline from $ 0.08447 on June 18 was short-lived as the bulls aggressively defended the 20-day SMA. This is a positive sign, as it shows that traders expect the upward trend to continue, therefore buying the downturns. Price control is now in the hands of the bulls based on a gap between 50 SMA and 200 SMA on a daily chart.

The trend is bullish also because the break above the downside trend line from the beginning of June and above the resistance of $ 0.085 signals a possible re-testing of $ 0.09019. In addition, the 50- and 200-day SMAs are tilted up, and the RSI is in positive territory.

However, if for some reason there is a decline, the bears will try to plunge ADA/USD to the support zone $ 0.0700 – $ 0.06944.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Tron’s TRX left basic support and resistance levels untested

The crypto market recorded a positive day on Tuesday

After a significant drop on Monday, Bitcoin and the entire crypto market managed to recover quite well thanks to the Fed. The correlation between Bitcoin and the stock market has increased in the last few days. The Federal Reserve has said it will buy bonds worth up to $ 250 billion. As a result, the stock market reacted positively to the news and Bitcoin simply followed suit.

As for the other major cryptocurrencies, Tuesday was a mixed day. Bitcoin Cash SV (+2.11%), Ethereum (+1.90%), and Monero’s XMR (+2.07%) led the way up. Binance Coin (+0.24%), Bitcoin Cash ABC (+0.67%), Cardano ADA (+1.12%), EOS (+0.83%), Litecoin (+0.23%), Stellar’s Lumen (+1.24%) and TRX of Tron (+0.06%) were also in green territory.

On the other hand, Ripple’s XRP and Tezos fell by 0.08% and 0.55%, respectively.

At the time of writing, the total crypto market capitalization is $ 267.53 billion. Trading volumes from the last 24 hours reached 67.47 billion dollars.

Bulls and bears on Bitcoin are fighting for control

BTC/USD fell to $ 9,425.70 in the early hours of Wednesday when the bears took control after bullish Tuesday. The dominance of sellers is expected to continue in the next sessions according to the MACD indicator.

The bulls will need a clear break above the 10,000 resistance to be able to resume the upward movement to $ 10,500. On the downside, a price drop below the 50-day SMA (at $ 9,358.7) could trigger a deeper correction to $ 8,673.20 and then to $ 8,164.20. A break below this support could attract further sales and lead to a downside trend. The dominance of Bitcoin is now 66.16%.

Technical analysis of TRX/USD

After weeks of sideways trading, Tron finally began to increase in early June. But after reaching a temporary peak at $ 0.01856 on June 8, Tron’s TRX lost bullish momentum again and is trading in the $ 0.01613 area today.

The closest resistance is the high from Tuesday at 0.01624 dollars. A clear break above this level and the next resistance at 0.01670 will be needed to continue the price its recovery higher. The weekly chart shows that since March TRX/USD has been moving in a formed triangle, and the break is already close. In the medium term, Tron is possible to test the $ 0.028 level if the upper border of the triangle and the psychological resistance of $ 0.020 is breached.

However, if the pair fails to cross yesterday’s high of $ 0.01624, the bears will take the price to the first support $ 0.0160. In the event of an extended sell-off in the crypto market, Tron’s TRX will likely test $ 0.01500 (Monday low) before a possible recovery.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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ETH/USD controverts the bearish mood, consolidating over $ 240

 

The price of Bitcoin is stagnant below $ 10,000, while the US stock market is reaching record highs. The bullish trend and V-shaped recovery in US markets also show that the appetite for risk assets and single stocks is increasing. And Bitcoin’s struggle to show such a trend may be a hint that a retreat is imminent. At the same time, ETH/USD may have some opportunity for a new bullish rally…

As for the other major coins, Tuesday was a bearish day. Cardano’s ADA slipped 4.05% to lead the others down the road. EOS (-1.41%), Ethereum (-1.02%), Litecoin (-1.23%), Ripple’s XRP (-1.49%), Stellar’s Lumen (-1.76%), Tezos (-1.36%) and Tron’s TRX (-2.34%) also suffered relatively large losses.

As yesterday, so this morning the market is calm, except for a few coins. MakerDAO had another bullish break and managed to jump over $ 700. SwissBorg ranked 92nd in Coinmarketcap, grew 32% today. Kyber Network is also on our list with a 13.4% price jump after yesterday’s bullish break.

For the day ahead, the breakthrough of Bitcoin to $ 9,900 would provide strong support to the wider market. At the time of writing, the total market capitalization was $ 273.04 billion. And the dominance of Bitcoin was 66.04%.

 

Is ETH/USD on the threshold of a new rally?

Rafael Schultze-Kraft of Glassnode recently pointed out that the number of new daily Ethereum addresses that perform more than one ETH transaction has grown sporadically since January. And already reaching peaks last recorded in 2018. The number of Ethereum blockchain wallets has already exceeded 100 million for the first time since the creation of the cryptocurrency.

This heightened blockchain activity has led to an increase in Ethereum transaction fees over the past few weeks. And this is essential because for the last 4 years the price of ETH has been closely linked to transaction fees at Ethereum.

Analysts see this increased blockchain activity as a factor favoring ETH bulls. In addition, the upcoming launch of the Ethereum 2.0 testnet is likely to generate some support for the cryptocurrency to move higher in the coming months.

 

For now, however, Ethereum is consolidating with Bitcoin

From a technical point of view, the price action of Ethereum has been relatively lackluster lately. Buyers are vying for a steady uptrend as the cryptocurrency closely monitors Bitcoin’s price action.

Over the past few days, ETH/USD has been trapped in sideways trading, struggling to gain momentum in any direction. The pair is consolidating after retreating from the top at $ 253.23 last week. ETH/USD saw a significant drop to $ 235 on Sunday, but is now trading above $ 243 and continues to defend the 12-day SMA.

The highly choppy market continues to keep most buyers on the sidelines for now. On the downside, ETH/USD has very strong support at $ 242.00 (50 SMA on a 4-hour chart). If the bears manage to break below it, we can see a retreat to $ 235 and $ 230. There is an SMA 100 on the 4-hour chart, and if it lasts, it may help revive the uptrend. It is possible that more buyers in this region would prefer to enter the market at a lower price in anticipation of profits above $ 250 and $ 280.

But overall, the technical picture remains unclear due to sideways moving indicators. RSI and MACD have shown no signs of change in the last few days. If the equalization movement continues, ETH/USD is expected to remain in consolidation even longer.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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