TL;DR

• BTC is down & ETH is down

• BTC over-performed ETH this week 

• Bitcoin dominance is down

• The hot coin we look at this week is $TON

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BTC & ETH Market Update 📈

Crypto is down this week, with BTC being down 4.7% and ETH down 4.2%:

Bitcoin dominance has decreased by 0.27% over the week, rising from 51.16% to a peak of 52.12% and ending at 51.7%. The recent ETH rally has already impacted Bitcoin's market dominance. This shift causes Bitcoin's dominance to decrease, 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 experienced notable volatility recently, influenced primarily by macroeconomic factors and investor sentiment. On Thursday, June 13, Bitcoin (BTC) slid by 2.22%, closing at $66,787, while Ethereum (ETH) followed suit with a 2.58% drop to $3,469. This decline comes amid concerns over the Federal Reserve's more hawkish economic projections, despite weaker-than-expected US producer prices for May.

Investor sentiment was further dampened by significant outflows from major BTC-spot ETFs, totaling $244.4 million, reflecting cautiousness in the market. This outflow indicates reduced confidence and heightened sensitivity to macroeconomic signals, despite ongoing discussions around potential SEC approvals of spot ETFs for both BTC and ETH.

Ethereum (ETHUSD) Analysis:

As of June 15, 2024, Ethereum (ETH.CPT) closed at 3,502.53 USD, marking a modest gain of 9.90 USD for the day. Ethereum is currently displaying a positive medium-term technical outlook. It is situated within a rising trend channel, indicating consistent investor interest at higher price levels over time. Key support is observed around 2,900 USD, while resistance is noted at 3,900 USD. Recent volatility has shown a slight decrease over the past 66 days, aligning with stable liquidity levels, which supports ongoing trading activity.

Bitcoin (BTCUSD) Analysis:

Bitcoin (BTC.CPT) closed at 66,225.00 USD on June 15, 2024, reflecting a decrease of 518.59 USD. In the short term, Bitcoin has broken through a rising trend channel and is signaling potential further decline towards support levels around 62,000 USD. Similarly, the medium-term outlook remains negative as Bitcoin struggles with resistance near 71,000 USD, compounded by a declining RSI trend. However, in the long term, Bitcoin's technical stance is neutral, with the cryptocurrency testing resistance at 70,000 USD, presenting a pivotal point for future price action.

Expected Trading Ranges:

• Ethereum (ETHUSD): $2900 (support) - $3900 (resistance)

• Bitcoin (BTCUSD): $62000 (support) - $71000 (resistance)

Market Outlook:

The cryptocurrency market is currently influenced by macroeconomic factors, particularly the Federal Reserve's policy stance and investor reactions to economic data. Despite the recent downturn, both BTC and ETH maintain their longer-term bullish signals, remaining above their 200-day EMAs.

Investors should closely monitor upcoming Federal Reserve announcements, ETF flow data, and regulatory developments to gauge market sentiment. In the near term, BTC and ETH may experience further volatility, with critical resistance and support levels determining their trading ranges. A break above these key resistance levels could signal a resumption of the upward trend, while a fall below support levels might indicate a deeper correction.

BTC/ETH ratio has seen a slight decrease.

Over the last 6 days, the BTC to ETH conversion rate has experienced fluctuations. Starting from 18.96 ETH on June 10, 2024, the rate increased to 19.25 ETH on June 11, before gradually decreasing to 18.73 ETH on June 15. This indicates a general decrease in the BTC to ETH conversion rate over the specified period. Despite daily fluctuations, the overall trend shows a decline in the value of Ethereum relative to Bitcoin in the past week.

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Hot Coin: TON🔥

In this week’s newsletter, we dive into Ton Coin with the ticker: TON.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

TON (The Open Network) is a blockchain designed for scalable cross-chain interoperability, originally initiated by Telegram and currently overseen by the TON Foundation. Toncoin serves as the native token of TON, facilitating network operations and transactions within applications built on the platform.

The Open Network (TON) is a fast, secure, and scalable blockchain and network project designed to handle millions of transactions per second.

It aims to be a versatile platform that can host a wide variety of applications, both user-friendly and service provider-friendly. TON is envisioned as a huge distributed supercomputer or "superserver," providing numerous services and applications on its platform​​.

Toncoin (TON) currently holds a market capitalization of $19.57 billion, placing it at the 10th position on CoinGecko's ranking.

In contrast, the fully diluted valuation (FDV) of Toncoin is estimated at $41.08 billion, assuming the hypothetical scenario where the total supply of 5.1 billion TON tokens is in circulation.

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:

• Innovative architecture

• Robust platform and product

• Team

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