The market opening is like a boxing match
The third quarter has just begun, and the cryptocurrency market is like a lively boxing match.
Bitcoin stands in one corner backed by institutional capital, Avalanche (AVAX) in another corner focusing on fast settlement, while a crowd of meme coins led by Dogecoin watches and cheers nearby.
Analysts are guessing whether mainstream 'blue-chip' cryptocurrencies can stabilize their positions, or whether retail investors will run back to buy those lighter, more exciting tokens?
The emerging political meme coin MAGACOIN FINANCE has also joined, claiming it can combine good stories with a solid foundation.
These cryptocurrencies are worth paying attention to
MAGACOIN FINANCE: As an early meme coin project, it has a solid foundation and an active community. After entering the third phase of presale, the number of independent wallets has increased, and the average holding amount has risen, with everyone more willing to hold long-term. Its total supply is fixed at 170 billion, avoiding devaluation, and it does not rely on venture capital management; major changes depend on community voting. Analysts feel its appeal is somewhat similar to early Dogecoin.
Bitcoin: Standard Chartered expects it to rise to $135,000 by the end of the quarter, driven by ETF fund inflows and the depreciation of the dollar. Although there are risks of a potential drop mid-year and geopolitical tensions, the overall trend is upward. If it breaks $110,000, past situations indicate that retail funds may decrease in a few weeks, and meme coins may rebound.
Avalanche (AVAX): Price around $17 in June, analysts predict it may break $20, with mid-term prospects reaching $30-35 (requiring continued ecological development). However, some institutions say 'smart money' is beginning to shift to higher-risk investments. If meme coins gain popularity, it may need new developments to retain attention.
Dogecoin: Although it has dropped over 40% this year, experts believe that once liquidity improves and Bitcoin rises, it may rebound quickly.
Historically, when Dogecoin is hyped, new meme coins pop up within days. Now, large wallets are turning to those 'new generation' meme coins with clearer stories and more reasonable rules.
Ethereum performs brilliantly
Ethereum briefly touched $3000 last weekend, now at $2969, with decent trading volume and bullish indicators. It has risen 9% in the past 5 days, performing better than most altcoins; this is not a short-term fluctuation but an increase in institutional demand, with a more optimistic long-term outlook.
One important reason is that the Ethereum Foundation and SharpLink Gaming conducted an over-the-counter transaction of $25.72 million, with the latter buying 10,000 ETH at $2572 each, now holding 215,957 tokens valued at over $600 million, which is a long-term strategic investment.
Additionally, U.S. spot ETH ETF saw inflows of $383.1 million over the weekend, totaling $851.73 million over 5 days, with total inflows exceeding $5 billion, helping stabilize Ethereum's price.
From trading, Ethereum has broken through the rising channel since March, with bulls in control. It may be considered to buy around $2864, with a stop loss below $2700, target $3126, and looking further up to $3432.
Other cryptocurrencies dynamics
Bitcoin Hyper ($HYPER): A Bitcoin Layer 2 token based on the Solana virtual machine, the presale has raised over $2.51 million, targeting over $2.84 million, priced at $0.012225.
It aims to combine Bitcoin's security with Solana's speed, facilitating smart contracts, applications, etc. After an audit, it plans to launch fully in the first quarter, gaining considerable attention.
SHIB: Over 1 billion tokens were destroyed in a week, with a weekly destruction rate of 1783.10%, mainly due to a transfer of 1 billion tokens to an unusable wallet, followed by the destruction of over 26 million tokens.
However, the daily destruction amount fluctuates greatly, recently dropping 72.71% in one day, investors need to pay attention. SHIB's marketing director reminds that new meme coins will not be casually promoted, and strict reviews will be conducted before cooperation to ensure ecological health.
Overall market situation
Bitcoin rose over $10,000 this week to a new high, now stabilizing around $118,000, with a weekly increase of over 9%, market cap at $2.345 trillion, slightly decreasing its dominance over altcoins to 62.5%.
Many altcoins are also rising:
Ethereum rose from $2500 to over $3000, now slightly below $3000;
XRP once approached $3, now less than $2.8, still up 7%, market cap exceeding USDT;
CRO broke over $0.1; XLM surged the most, rising over 22%, now above $0.37.
Pi Network's token has dropped over 6%, barely maintaining above $0.47.
Since Wednesday, the total market capitalization of cryptocurrencies has risen by over $300 billion, now showing $3.750 trillion on CoinGecko.
