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 $TIA

Latest & Greatest 📰

Before we dive into both current and new airdrops, make sure to check the latest and greatest news across crypto:

Make sure to follow us on X for continuous updates about all things Crypto, Blockchain and Web3.

BTC & ETH Market Update 📈

Crypto is down this week, with BTC being down 1.6% and ETH down 1.7%:

Bitcoin dominance has decreased over the week, rising from 51.5% to a peak of 52.25% and ending at 51.2%. Bitcoin keeps losing its dominance, so it's mostly Bitcoin driving the Crypto market lower while some of the ALTcoins are holding up well.

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 has broken below the floor of its rising trend channel in the medium to long term, indicating a weaker initial rising rate. It is approaching support around 2900 points, which could trigger a positive reaction. However, a break below 2900 points would signal further negative movement.

Bitcoin (BTCUSD) Analysis:

Bitcoin is currently in a falling trend channel, indicating negative development with support at 55,200 and resistance at 60,700. Recently breaking through a rising trend channel floor, Bitcoin suggests slower or horizontal development, potentially declining to 46,249 or lower. Historically, in a rising trend channel, Bitcoin recently broke down through support at 67,000, signalling a further decline.

Expected Trading Ranges:

• Ethereum (ETH): Support is approaching 2900 points.

• Bitcoin (BTC): Support at 55,200, Resistance at 60,700.

Market Outlook:

Bitcoin presents a negative outlook across all analyzed time frames, with technical indicators pointing to sustained bearish sentiment. Investors should monitor support and resistance levels closely for potential trend reversals. Ethereum shows a cautious outlook in the medium term due to breaking below its rising trend channel. Investors should watch closely for reactions around the 2900 support level for potential changes in trend direction.

BTC/ETH ratio has seen a decrease:

Over the last six days, the BTC to ETH conversion rate has experienced fluctuations. Starting at 18.57 ETH per BTC on July 4th, the rate saw minor changes with a peak of 19.07 ETH on July 7th before settling at 18.48 ETH on July 11th. This reflects a decrease overall, with notable daily fluctuations such as a peak increase of 2.31% on July 5th followed by subsequent decreases, resulting in a net decrease of 0.09 ETH over the period.

For deeper insights and updates on Bitcoin and Ethereum, make sure to subscribe to our Premium Newsletter.

Hot Coin: TIA 🔥

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

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

What is the project about?

Celestia is a modular blockchain network that decouples consensus from data availability and execution. This is done to create a more scalable and flexible foundation for decentralized applications (dApps) and other blockchain platforms.

Here's the kicker: With Celestia, developers can deploy their own blockchains without the need to bootstrap security or set up their own validator set because Celestia provides the necessary infrastructure. It’s like the DJ of the blockchain party, keeping the beat going for everyone to dance to their own tunes.

Why is the project exciting now?

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

• Data Availability Is The Hot New Thing

• The “real” Cosmos Hub

• Airdrops

Subscribe to WAGMI Premium to read the rest.