TL;DR

• BTC is down & ETH is down

• BTC under-performed ETH this week 

• Bitcoin dominance is down

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

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BTC & ETH Market Update 📈

Crypto is down slightly this week, with BTC being down 6.5% and ETH down 4.5%:

Bitcoin dominance has been decreasing over the week, starting at around 51.7%, topping at 51.94% and ending the week around 50.63%. 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 shows resilience with varying trends across major assets. Recent price movements indicate cautious optimism, with Ethereum and Bitcoin experiencing distinct patterns amidst global economic shifts.

Ethereum Analysis: Ethereum (ETH) closed at $3,454.47 on June 28, 2024, reflecting a slight increase. Technical indicators suggest a bullish continuation flag pattern on the 4-hour chart, with support near $3,300 and resistance at $3,600. The market sentiment favors a potential mid-term reversal towards the $4,000 mark if current support levels hold.

Bitcoin Analysis: Bitcoin closed at $61,723.00 USD on June 28, 2024, with mixed technical signals across short, medium, and long-term outlooks. The short-term trend remains uncertain, testing resistance at $62,000 while facing downside risks below $57,500. Medium to long-term support lies between $51,000 and $71,000, with volatility influenced by broader market dynamics.

Expected Trading Ranges: Short-term trading ranges for Ethereum and Bitcoin are between $3,300-$3,600 and $57,500-$62,000, respectively. Medium-term forecasts suggest potential fluctuations from $51,000 to $71,000 for Bitcoin, depending on market sentiment and economic factors.

Market Outlook: The cryptocurrency market shows cautious optimism with Ethereum aiming for a mid-term bullish reversal, supported by a bullish continuation flag pattern near $3,454.47.

Bitcoin faces mixed signals, testing resistance at $62,000 while defending support around $57,500. Market sentiment remains cautiously optimistic, bolstered by institutional interest and evolving regulatory support. Investors should monitor key technical levels closely for potential breakout opportunities above resistance levels.

BTC/ETH ratio has seen a slight decrease.

In the last 6 days, the BTC to ETH exchange rate has shown fluctuations. It started at 18.48 ETH on June 23, 2024, then decreased to 17.83 ETH as of June 28, 2024. This reflects a downward trend overall, with minor fluctuations day-to-day. Specifically, there was a notable drop from June 24 to June 28, where the rate declined from 17.97 ETH to 17.83 ETH. Overall, the rate has decreased by 0.65% over this period.

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Hot Coin: INJ 🔥

In this week’s newsletter, we dive into Injective’s token with the ticker: $INJ.

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

What is the project about?

Injective is a blockchain designed specifically for finance, functioning as an open and interoperable layer-one network that supports advanced DeFi applications, including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.

Injective offers unique, powerful financial infrastructure primitives that applications can use, such as a fully decentralized MEV-resistant on-chain orderbook. It enables all forms of financial markets—including spot, perpetual, futures, and options—to operate entirely on-chain. Additionally, its decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non-EVM chains like Solana.

Injective features a next-generation, highly interoperable smart contract platform based on CosmWasm, with advanced interchain capabilities. Built with the Cosmos SDK and using a Tendermint-based Proof-of-Stake consensus mechanism, Injective provides instant transaction finality and can support extremely fast performance (over 10,000 TPS).

The Injective ecosystem encompasses over 100 projects and has a community of more than 150,000 members worldwide. It is supported by notable investors including Binance, Pantera Capital, Jump Crypto, and Mark Cuban.

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