TL;DR

• BTC is down & ETH is down

• BTC over-performed ETH this week 

• Bitcoin dominance is up

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

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BTC & ETH Market Update 📈

Crypto is down slightly this week, with BTC being down 7.0% and ETH down 12.1%:

Bitcoin dominance has been increasing over the week, starting at around 50.81%, topping at 52.25% and ending the week at around 51.7%. 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 mixed trends: Bitcoin faces potential declines across all time frames, while Ethereum's momentum weakens after breaking its upward trend. Caution is advised amid these technical challenges.

Ethereum Analysis: Ethereum (ETH) closed at 2,917.87 on July 5, 2024, down 324.29 points. It has broken the medium-term rising trend channel, indicating weakened upward momentum. Testing support at 2,900 points, a hold above could signal recovery, while a break below suggests further decline. Negative volume balance and a declining RSI indicate aggressive selling and potential broader price declines.

Bitcoin Analysis: Bitcoin (BTC) closed at 55,198.00 on July 5, 2024, down 3,909.79 points. The cryptocurrency has broken the floor of its falling trend channel, signaling further declines. Resistance is at 60,700 points, with the RSI below 30, indicating strong negative momentum. Negative volume balance suggests aggressive selling, with potential short-term corrections but an overall bearish outlook.

Expected Trading Ranges

Bitcoin: Short-term 45,929-60,700 points; medium-term 31,000-67,000 points.
Ethereum: Short-term 2,900-3,200 points; medium-term 2,700-3,400 points.

Market Outlook

The cryptocurrency market presents a predominantly negative technical outlook for Bitcoin, with bearish momentum across all analyzed time frames. Investors are advised to exercise caution, considering the potential for further price decreases.

For Ethereum, the weakened upward momentum and aggressive selling pressure suggest a cautious approach until clearer market dynamics emerge. Both assets face significant resistance and support challenges, highlighting the need for vigilant monitoring of key technical levels and market sentiment.

BTC/ETH ratio has seen an increase.

Over the past six days, the BTC to ETH conversion rate has fluctuated. Starting at 18.25 ETH on June 30, 2024, it increased to 19.00 ETH on July 5, 2024, marking a notable rise of 4.11%. However, following this peak, the rate slightly decreased to 18.99 ETH on July 6, 2024. Despite this minor decline, the overall trend for the period shows an increase in the BTC to ETH rate by 3.45% from June 30 to July 6, 2024.

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Hot Coin: KUJI  🔥

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

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

What is the project about?

Kujira is emerging as a game-changer in the Cosmos ecosystem, redefining the concept of "Grown-Up DeFi." Its commitment to advanced trading tools, real value creation, and a secure platform bodes well for the future of DeFi.

As Kujira continues to evolve and expand its offerings, it remains a project worth keeping a close eye on for those interested in the ever-evolving world of decentralized finance.

Kujira is the Japanese word for “whale.” The project’s team explains that the platform’s goal is to help all DeFi traders, including beginners, become true crypto whales — hence the name.

Kujira (KUJI) currently boasts a market capitalization of $135,944,431, positioning it at #301 on CoinGecko's rankings. As for the fully diluted valuation (FDV), which stands at $135,974,090, it represents the theoretical maximum market capitalization assuming the entire 120 million KUJI tokens are in circulation today.

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