TL;DR

• BTC is up & ETH is down

• BTC over-performed ETH this week 

• Bitcoin dominance is up

• The hot coin we look at this week is NOIA

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 2.7% and ETH down 1.9%:

Bitcoin dominance has increased over the week, rising from 50.17% to a peak of 51.36% and ending at 51.2%. The recent ETH rally has already impacted Bitcoin's market dominance. This shift causes Bitcoin's dominance to increase, a trend observed over the past few days.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

The cryptocurrency market is currently experiencing mixed sentiments as major digital assets such as Ethereum (ETHUSD) and Bitcoin (BTCUSD) navigate through various levels of support and resistance.

Ethereum (ETHUSD) Analysis:

Ethereum closed at $3,806.06 on June 7, 2024, down $56.80 (-1.47%) for the day. Despite this decline, the medium-term outlook remains positive as Ethereum is in a rising trend channel, reflecting increasing buy interest and investor optimism. The cryptocurrency is approaching a significant resistance level at 4,000 points, which could either trigger a pullback or lead to a bullish breakout if surpassed.

Bitcoin (BTCUSD) Analysis:

Bitcoin remains in a consolidation phase, exhibiting sideways movement between the $69080 support and the intraday resistance formed by the EMA50. The Bitcoin market has experienced another bullish week but is facing resistance around the $73,000 mark. This level is a significant barrier, but if Bitcoin manages to break above it, the market could see substantial gains. The projected upward movement could be around $15,000, potentially driving the price up to approximately $88,000.

Expected Trading Ranges:

• Ethereum (ETHUSD): $3700 (support) - $4000 (resistance)

• Bitcoin (BTCUSD): $70000 (support) - $72000 (resistance)

Market Outlook:

Investors and traders are advised to closely monitor the critical support and resistance levels outlined for both Ethereum and Bitcoin. Sustained movements above or below these levels could dictate the short-term market direction. Caution is warranted, particularly in light of the potential for increased volatility and the need for confirmation of trend reversals before establishing significant positions.

BTC/ETH ratio has seen a slight increase.

The current exchange rate from Bitcoin (BTC) to Ethereum (ETH) is 1 BTC = 18.83 ETH. This represents a slight increase of 0.01% in the last hour but a decrease of 1.97% in the last 24 hours. Over the past 30 days, Bitcoin has gained 12.47% against Ethereum.

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Hot Coin: NOIA 🔥

In this week’s newsletter we dive into Syntropy’s token with the ticker: NOIA.

The price action and volume is has been growing consistently, and doesn’t seem to stop any time soon:

What is the project about?

Syntropy is transforming the way blockchain data is accessed through their innovative Data Layer protocol. Designed for efficiency, security, and equitability, their platform enables a fully decentralized data exchange for developers, organizations, and users.

By eliminating dependence on centralized services, Syntropy provides swift and seamless access to both real-time and historical on-chain data. Their technology fosters a dynamic peer-to-peer ecosystem committed to powering the next generation of decentralized applications.

Currently sitting at market cap of $140M in circulation with a fully diluted market cap of $176M. With the team having built relentlessly throughout the bear market, it’s probably only a matter of time before a new ATH is reached for NOIA

Why is the project exciting now?

There are three main reasons why we feature this project in this week’s newsletter as the hot coin:

• Data is King

• Platform & Product

• Team

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