Research Summary
The report provides an analysis of the recent trends in the cryptocurrency market, focusing on Bitcoin’s performance and its impact on altcoins. It also discusses the influence of political events and market participants on the crypto market. The report further highlights the performance of various altcoins and memecoins, and the potential impact of new coins entering the market.
Key Takeaways
Bitcoin’s Market Performance
- Bitcoin’s Price Fluctuation: The report notes that Bitcoin’s price fell from $60k to $53.5k within two days, following a breakdown from its range. However, it bounced back to $58k a day later, and currently stands at around $65k.
- Impact of Political Events: The report highlights that the shooting of Donald Trump led to a temporary dip in Bitcoin’s price, followed by a rally of +2.5% in one hour. This was due to Trump being considered ‘pro-crypto’ and his odds of being elected increasing from 60% to 70%.
Altcoins and Memecoins Performance
- Altcoins Follow Bitcoin’s Path: Altcoins followed Bitcoin’s price trend, with Ethereum standing at $3450 after a pico bottom close to $2800. The report also mentions that Ripple’s XRP is up +60% from its bottom and +40% in a week.
- Memecoins’ Performance: The report notes that memecoins have collectively outperformed the market since July 13, with MOG and POPCAT making new ATHs.
New Coins and Market Capitulation
- Performance of New Coins: The report highlights that new coins such as ZRO, TAIKO, and ATH have been particularly strong. It also mentions that XDEFI, a multichain wallet, is up +40% this week, and +80% since bottom.
- Market Capitulation: The report notes that many altcoins underwent severe capitulation when Bitcoin almost hit $53k on July 5. However, these coins have been some of the best performers since the bottom, thanks to mean reversion.
Impact of News on Coin Performance
- News Impact: The report mentions that news about BlackRock’s plan to apply for MakerDAO’s $1B tokenized treasury plan led to a +10% pump in MKR’s price. It also notes that Worldcoin’s announcement of increasing the duration of the vesting for some tokens led to a +76% increase from the lows.
Actionable Insights
- Monitor Bitcoin’s Performance: Given Bitcoin’s influence on altcoins, monitoring its performance can provide insights into potential trends in the altcoin market.
- Consider Impact of Political Events: Political events can have a significant impact on the crypto market. Therefore, staying updated with global political events can help in understanding potential market movements.
- Track New Coins: New coins entering the market can show strong performance. Tracking these coins can provide insights into potential market trends.
- Assess News Impact: News about specific coins can significantly impact their performance. Therefore, staying updated with news related to various coins can provide valuable insights.
