Bitcoin dominance at a two-year high: an overview of the cryptocurrency market

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Opinion

After the surge in activity in the crypto markets, which was caused by the applications of a number of companies for spot bitcoin ETFs, the fuse dried up.At the moment, crypto enthusiasts and crypto skeptics turned out to be equal.

Bitcoin

Over the past week from June 23 to June 30, the price of bitcoin has not changed much.Overall, all seven days passed in a narrow range between $29,800 and $31,400 .Price changes at the end of the daily trading sessions did not exceed 3%.

Source: tradingview.com

Popular analyst Tom Dunleavy
The lull is due to the fact that on June 30, options on the world's largest cryptocurrency worth about $5 billion will expire.In general, the situation looks quite promising, since the ratio of put and call options is0.56, which indicates the predominance of believers in growth.in how derivatives will be implemented and what it will result in.Depending on what investors prefer (to invest in call or put options), there will beIn the first case, dealers will have to buy BTC to hedge the risks.In the second case, everything will be exactly the opposite. 

Despite the fact that bitcoin has barely grown in a week, its dominance index has shown a new high over the past seven days since April 2021.At the moment, it exceeds the 51.5% mark.The change for the week was 0.51%.

Source: tradingview.com

From the point of view of technical analysis, the picture of bitcoin has not changed since last week.The resistance level is around $32,400 , the support level is $24,756 .

Source: tradingview.com

The Fear and Greed Index has gone down nine points in seven days.It now stands at 56.Despite the decline, the index continues tostay in the greed zone.

Ethereum

Like Bitcoin, the price of Ethereum has remained virtually unchanged over the past seven days.It is still around $1,900.A couple of times it even managed to rise above this level, but failed to gain a foothold.

Source: tradingview.com

Similar to Bitcoin, the uncertainty with Ethereum has a lot to do with options expiring on Friday, June 30.The further movement of the coin will depend on how the situation is resolved.So far, everything is in favor of the bulls, as the ratio of put options to call options is0,57.

In addition, the growth of ether is restrained due to the actions of major players.June 29 Lookonchain
recorded that one of the holders deposited 25,000 ETH on the Binance exchange.After that, most likely, he sold them.This is what can be attributed to the fall in ether on June 28 by 3.29%.

"The smart whale that deposited 25,000 ETH ($47.24 million) on Binance yesterday withdrew 16 million USDT again nine hours ago.The decline in the ether 11 hours ago was most likely due to the sales of this whale.And the whale had about 8,000 ETH ($14.7 million) unsold."

From the point of view of technical analysis, Ether needs to overcome the range of $1,900-$1,950 for further growth.The support level is $1,750 .

Source: tradingview.com

Cardano

The Cardano cryptocurrency lost almost 3% in a week, and this is not a bad result, given thatIt is a fact that on Wednesday, June 28, the coin lost almost 12% and dropped to $0.26.Interestingly, there were three negative sessions during the week, and four positive sessions, but this did not affect the final result in any way, since the amplitude of the decline was greater.

Source: tradingview.com

Cardano continues to be affected by the echoes of lawsuits by the Securities and Exchange Commission (SEC) against the Binance and Coinbase exchanges, where the platform's native token ADA was mentionedOn June 28, fintech company Revolut announced that it was ceasingsupport for a number of cryptocurrencies, including Cardano.The reason is the above-mentioned lawsuits.Revolut Representatives
said that on the specified date (so far without specifics) users will no longer be able tohold or sell this cryptocurrency, and their assets will be automatically sold off.The money from the sales will go to the customers' accounts.

But analyst Dan Gambardello is optimistic that people don't understand what's going onIn a YouTube video, Gambardello said that the value of the ADA token is very good, given the pressure from the US regulator.The analyst urges to pay attention not to the price, but to the DeFi segmentCardano.From his point of view, the cryptocurrency has several extremely promising projects.They 
according to Gambardello, they should allow Cardano to stay afloat despite the dominance of bears.

Стоит отметить: the analyst's statements are confirmed to some extent by statistics. According to the DefiLlama portal, Cardano’s TVL indicator, which shows the number of blocked assets in smart contracts, is growing throughout 2023. Earlier, we already mentioned its record values ​​of more than $220 million. However, then, from June 6 to June 11, there was a certain drawdown. Cardano's current TVL is almost $200 million.

Source: defillama.com

From the point of view of technical analysis so farIt’s too early to say that a bullish trend has arrived. Since the April highs of 2023, Cardano has lost almost 40%, and so far there are no prerequisites for a return to its former peaks. True, they may appear when the resistance level of $0.305 is overcome. Support level – $0.252.

Source: tradingview.com

In short, the crypto market froze in anticipationend of the month. At the same time, a number of altcoins continue to experience negative impacts from the SEC’s actions regarding the centralized exchanges Binance and Coinbase.

This material and the information in it are notindividual or other investment advice. The editors' opinions may not coincide with the opinions of the author, analytical portals and experts.