TL;DR

• BTC is down & ETH is up

• BTC under-performed ETH this week 

• Bitcoin dominance is down

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

Latest & Greatest 📰

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BTC & ETH Market Update 📈

Crypto is down slightly this week, with BTC being down 3.0% and ETH Up 0.5%:

Bitcoin dominance has been decreasing over the week, starting at around 51.44%, topping at 52.69% and ending the week around 51.8%. Capital often starts to flow into ETH and other altcoins as the price is increasing for more risk-on assets as well, causing a lower Bitcoin dominance as we have started to see over the course of multiple weeks.

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 experiencing mixed movements as major digital assets like Bitcoin and Ethereum navigate through significant resistance and support levels. Investor sentiment is influenced by broader economic factors and ongoing regulatory developments, particularly surrounding cryptocurrency ETFs.

Ethereum Analysis: Ethereum is currently consolidating around the $3,500 mark after a recent decline. Despite a recovery from a 30-day low of $3,357, Ethereum faces a significant sell-wall at approximately $3,522. This resistance has kept the price within a narrow range of $3,450 to $3,550. The delays in the approval of Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) have contributed to investor uncertainty, causing many to reallocate their investments to other promising assets. As a result, Ethereum's price remains under downward pressure due to an excess supply in the market.

Bitcoin Analysis: Bitcoin is trading just below the $67,000 level, a critical resistance point. A successful breakthrough above this level could open the path to $72,000. However, if Bitcoin fails to maintain support at $64,000, it may face a decline towards the $60,000 mark. The recent 92% gain in Bitcoin's value, spurred by the announcement of a Bitcoin ETF, highlights its volatility. The overall market sentiment is cautious, with investors closely monitoring global central bank policies and their potential impact on Bitcoin.

Expected Trading Ranges:

• Ethereum: Expected to trade within the $3,450 to $3,550 range in the near term, with significant resistance at $3,522.

• Bitcoin: Expected to fluctuate between $64,000 and $67,000, with potential upside to $72,000 if resistance is broken and a downside risk to $60,000 if support fails.

Market Outlook: The cryptocurrency market remains in a state of flux, influenced by macroeconomic factors and regulatory developments. For Ethereum, the main focus is on the approval of ETFs, which could provide a significant boost to investor confidence and price stability. Bitcoin, on the other hand, is navigating through critical resistance and support levels, with its future direction likely influenced by broader financial policies and investor sentiment.

In summary, while short-term trading opportunities exist, particularly if key resistance levels are breached, the overall market outlook remains cautious. Investors are advised to stay informed about regulatory developments and global economic trends, which will play a crucial role in shaping the future of the cryptocurrency market.

BTC/ETH ratio has seen a slight decrease.

Over the past 6 days, the BTC to ETH conversion rate has experienced fluctuations. Starting at 18.95 ETH on June 17, 2024, the rate decreased to 18.73 ETH on June 18, then further to 18.29 ETH on June 19. It rebounded slightly to 18.45 ETH on June 20, before decreasing again to 18.22 ETH on June 21. Most recently, as of June 22, 2024, the rate stands at 18.35 ETH.

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Hot Coin: PENDLE 🔥

In this week’s newsletter we dive into PendleFi’s token with the ticker: PENDLE.

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

What is the project about?

Pendle Finance provides decentralized financial services with a focus on fixed yields and yield tokenization. It supports cross-chain compatibility and includes automated market-making mechanisms for effective yield trading.

Pendle was launched in June 2021 as a yield-aggregating protocol, that incentivizes the pooling of yield-generating tokens and the creation of yield markets across DeFi platforms. It allows holders of these tokens to mint them into YT and OT . Holders of yield-generating tokens can sell their rights to yield (Mint + Sell YT), allowing them to lock in their profits and receive upfront cash. Buyers of these rights (Buy YT) gain exposure to the fluctuating rates in a more capital-efficient manner as they do not need to purchase and stake the core underlying asset. As such, there is no need to worry about collateralization or liquidation risk.

Pendle is currently live on Ethereum and Avalanche. On Ethereum, Pendle supports Compound, Aave and Sushiswap. On Avalanche, Pendle supports Trader Joe and BENQI.

Why is the project exciting now?

There are three main reasons why we feature this project in this week’s newsletter and look at it as an attractive buy right now:

• Superior Yield

• Growing Volume & TVL

• Value Accrual

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