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JUNE WRAP:CRYPTO STRUGGLES

JUNE WRAP:CRYPTO STRUGGLES 

The Bitcoin (BTC) market dropped another 33% in June, which is now beginning to silence the Twitter community. On the other hand, many crypto traders who wanted to get out did so violently from March to May. However, the less optimistic news is that the address of the address function may need to change in prices in order to restart the recovery.


Unlike April and May, the altcoin package did not struggle much more than Bitcoin. A 33% decrease in BTC was in the middle of the road in terms of adjustment. Instead, crypto bulls would like to see altcoins continue to lag behind, which is pushing more traders back to Bitcoin as a “secure” related platform.


However, June was a two-part myth. On June 1-15 he saw a significant 25% decline in Bitcoin. By comparison, June 16-30 was looking up until the end of the month, now showing another 8% slide.


The $ 20,000 price tag showed both psychological support and resistance. Therefore, the downturn (which may well have been the case at the time of publication) may dramatically change the perception of traders. Horrible sales and over-the-top shopping should happen as soon as the $ 19,500 to $ 19,900 list arrives.



Public domination is back in Bitcoin and away from altcoins

So far, 2022 has served as a real check for altcoins whose market caps have risen to star levels over the past two years. As mentioned, Bitcoin was not something special compared to the alts in June, but it held better than most projects and even a few stablecoins. As a result, the light is shining on Bitcoin, as evidenced by a healthy public focus.



This situation has been evident throughout the last week of June. Bitcoin was mentioned on the Santiment social media platform at the highest level in about four months, while discussions around other popular assets such as Ether (ETH) and Cardano (ADA) continue to decline.


Trading profits still point to the widespread disregard for Bitcoin and many altcoins

The average 30 day trading back to the BTC network is still very bad. Also, as long as they are in the yellow-green or green area in the chart below, there is less risk of entering the Bitcoin site (or adding to it) than the historical results.



Fall prices often recede if they enter a very low (green) area, and that would be a good setting to look at in Sanbase.


The number of whale addresses is growing rapidly

Another good note for patient crypto hodlers, no matter what the property, is that many Bitcoin sharks and whales return to the network. Addresses, mainly operated by active human traffickers, size 10 to 10,000 BTC, have more than 147,000 addresses for the first time since November. At that time, the most alternately managed domain addresses (10,000 or more) showed more than 100 addresses for the first time since December 2020.



Also, if we are talking about moving and non-exchange offer addresses, the absolute trend indicates that BTC continues to deviate from trading after a disappointing short rise in May. Now, less than 10% of coins are sitting on the trade, with very little risk of trading (based on historical trends). Also, in addition to this, the value of the Tether (USDT) moving to the exchange has increased, which means more purchasing power in these oppressed prices.



Ethereum sees more indifference than any other asset with a large cap

Not to be overlooked, Ethereum has a record 76% recovery rate since its entire peak in November. If you look at the positive comment rate compared to the negative wasted by our public data algorithm, there seems to be a dramatic decline in positive comments in early June. A 37% drop in prices between June 9 and 13 was a crime and was the last straw for many traders. While it may seem counterintuitive, these “last dogs” are what the Santiment community expects to see so that the market can start to recover.



Cardano also sees the equivalent of a small tumbleweed wrap around its network. The number of different addresses interacting in the Cardano network dropped to a very low level in a year. The idea is getting deeper into Cardano again, which is probably due to the lack of dialogue than anything else.


Entrepreneurs entering the second phase with great skepticism

It is difficult for the trading community to find any pleasure in the worst price action that continues to persist every month in 2022. However, inflation occurs when the norm raises serious doubts. However, there is no certainty in the emotionally driven and often evolving sector like cryptocurrency. However, the more the crypto community relies on and announces its crypto winter season, the greater the chance of continued recovery.


Cointelegraph's Market Insights Newsletter shares our knowledge of the basics that drive the digital commodity market. This analysis was prepared by leading statistics provider Santiment, an on-chain market intelligence platform that provides on-chain, communication platform and development information on 2,000+ cryptocurrencies.


Santiment develops hundreds of tools, strategies and indicators to help users better understand cryptocurrency market behavior and identify potential investment-driven investment opportunities.

Source: cointelegraph




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