The cryptocurrency market is witnessing an increase today. The vast majority of the top 100 coins by market value, along with all ten of the top coins, have seen their prices rise in the past twenty-four hours. At the same time, the market capitalization of cryptocurrencies has decreased by 2.3% to $3.44 trillion. The total cryptocurrency trading volume was $72.4 billion, the lowest level in days.
Summary:
The cryptocurrency market declined;
All ten of the top coins have risen;
The price of Bitcoin (c-192) rose slightly but saw little change over the weekend;
"Here comes the summer recession";
As the price of Bitcoin approaches $110,000, trading volumes are declining, reflecting a summer slowdown;
The rise in Bitcoin's price on July 2 led to an increase in volatility to 35%.
Winners and losers in the cryptocurrency market
All ten of the highest market cap coins saw their prices rise today.
The value of Bitcoin (BTC) has increased by 0.6%, currently trading at $108,786. There has been little change to this price over the past four days.
The price of Ethereum (c-159)
) by 1.7%, currently at $2,564.
The best performer in this category is Dogecoin (DOGE), with an increase of 5.2% reaching a price of $0.1723.
Solana (c-152) is the second-best performing coin, rising by 2.1% to $151.
Looking at the top 100 coins, six of them saw a decline in their prices. The highest drop of 7.2% was for Pudgy Penguins (t-12), trading at $0.01514.
Celestia (TIA) achieved the highest value, with the only double-digit increase: 11.2% to reach $1.65.
Followed by the SPX6900 index (SPX), which rose by 9.9%, trading at $1.33.
Meanwhile, the Japanese company Metaplanet purchased 2,205 additional Bitcoins, bringing total holdings to 15,555 Bitcoins, approximately worth 225.8 billion yen ($1.7 billion) at an average purchase price of 14.5 million yen per coin.
*Meta, planet acquired an additional $2,205 of BTC, bringing its total holdings to 15,555 BTC*
Also, Mercado Bitcoin, a major cryptocurrency exchange in Latin America, announced plans to tokenize real-world assets (RWAs) worth $200 million on the XRP Ledger. Silvio Piegado, the managing director of LATAM at Ripple, stated: "The integration of Mercado Bitcoin with XRPL demonstrates the level of institutional trust in public blockchain infrastructure, and it has become a reliable basis for bringing regulated financial products to market."
"The summer recession has begun"
Blockchain data indicated that "the summer recession has begun". While the price of Bitcoin approaches the $110,000 level, trading volumes are experiencing a decline.
Additionally, during this period, spot and futures trading volumes reached their lowest levels in a year, at $5.02 billion and $31.2 billion respectively.
The summer lull has arrived. BTC price is approaching $110,000, but trading volumes are dwindling: Spot trading volume: $5.02 billion Futures trading volume: $31.2 billion Both at their lowest levels in over a year - and still trending downward.
Moreover, the Bitcoin options market "reflects a summer slowdown", says Glassnode. Implied volatility across all maturities (from one week to six months) is approaching all-time lows.
Analysts wrote: "We are now pricing some of the lowest volatility levels since mid-2023, even though the price hovers near all-time highs."
Furthermore, according to a report from some exchanges, in collaboration with Block School, Bitcoin options markets saw a decline in implied volatility over the 7-day period to 26% on June 27, the lowest level since mid-2023. The spike on July 2 then pushed volatility to 35% "amid broader market optimism following the trade agreement between the United States and Vietnam."
Also, during this period, ETH options "consistently maintained nearly identical implied volatility to Bitcoin."
Upcoming levels and events
At the time of writing this report, the price of Bitcoin was trading at $108,786. The price initially dropped to a daily low of $107,876, then rose to a daily high of $109,574, before stabilizing at its current level.
Overall, the value of the coin has increased by 1.2% over the past week and 3.6% over the month.
Moreover, Ethereum is currently trading at $2,564. As with Bitcoin, the price of Ethereum rose from $2,507 to a daily high of $2,598.
Its price has risen by 4.1% in 7 days and 3.1% in one month.
Meanwhile, the cryptocurrency market remains largely stable within a neutral range, moving between 49 and 55 over the past week. The fear and greed index dropped from 55 on Friday to 52 today. Although the current level is closer to the greed range, it does not indicate that the market is in a recession or on the verge of a major correction.
U.S. stock and bond markets were closed on July 4, a public holiday in that country, throughout the weekend. This means there were no inflows or outflows from U.S. cryptocurrency exchange-traded funds (ETFs).
On July 3, Bitcoin (BTC) ETFs recorded massive inflows of $601.94 million. This was the highest daily positive inflow in six weeks, since May 22.
On the same day, U.S. Ethereum (ETFs) recorded inflows of $148.57 million, significantly higher than the outflow recorded on July 2, which was $1.82 million.
Meanwhile, over the past year, old Bitcoin whales, early adopters, miners, and whales have shed more than 500,000 Bitcoins, worth about $50 billion. Meanwhile, institutions, including spot Bitcoin ETFs, corporate treasuries, and asset managers, have acquired nearly 900,000 Bitcoins - nearly double the amount sold, according to 10x Research data.
According to Edward Chen, "We see whales converting Bitcoin into equity exposure through in-kind contributions," referring to the increased activity in cryptocurrency financing deals to equities.
Technical update on Ethereum, the ETH price is moving within a narrow triangle above the main support level at $2,478. The Relative Strength Index is stable near 50. The simple moving average of 50 maintains the trend line breakout area: $2,560. Risk of collapse: $2,478. The next move could be sharp.
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