Crypto immune
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 2nd July 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
Digital Markets Keep Their Composure
Is that a rally in crypto's bones or are sellers simply worn out? Bitcoin held steadily over 24 hours at a level closer to $63,000 than to $62,000 while Ethereum slipped only slightly (-0.7%) to around $3,450.
These digital markets seem impervious to: outflows from crypto funds; gloomy vibes; losses from the June swoon; sell pressure underscored by the start of Mt. Gox estate distributions; geopolitical turmoil, including acute political tensions in the U.S.; and murky macroeconomic conditions.
And so even if we take all of these factors together, like some crudely knitted wool blanket that has been drenched in icy creek water, the word around the campfire is that sellers are running low on the kind of stamina required to stay so freakin’ bearish.
“Looking at July’s outlook, there is reason to be optimistic after so much small trader capitulation,” said Santiment, purveyors of blockchain metrics, in a post today on X. “A relief rally may just be beginning.”
Beam sure saw its share of dumping in June. The blockchain gaming hub's native token BEAM was close to three cents at the start of last month – and now it’s not quite two – although, over the past 24 hours, as of Tuesday at 7:46 a.m. (EST), the 88th-largest coin was up 10.4%.
Meanwhile, Bonk, sometimes billed as Solana's Dogecoin, just saw an impressive surge as well. BONK gained 12% since yesterday. (DOGE, we’ll mention purely in passing, is flat).
Benzinga makes a case that BONK's sudden spike has to do with an impassioned rallying cry put forth by a well-known influencer named Jakey.
What's down
AI 'Superalliance' Is Born, Underwhelms
After a weekend of rebounding, crypto markets have largely stalled out ahead of a mid-week Independence Day holiday (July 4) in the politically torn U.S.
The total global crypto market capitalization today is $2.43 trillion, reflecting a fairly negligible change of -0.2% in the past one day, according to CoinGecko.
Meanwhile, the unification of SingularityNET, Fetch.ai, and Ocean Protocol is official. The axis of AI-related coins as of yesterday comprise the Artificial Superintelligence Alliance, seeking to be a superpower in a decentralized AI world. Fetch.ai, for now, is taking the lead.
For it was from the Fetch.ai blog that sprang forth the following declaration of co-dependence: "This merger of AGIX, OCEAN, and FET tokens marks a significant step towards creating a fully decentralized AI ecosystem. By aligning incentives, the Artificial Superintelligence Alliance drives the vision of a decentralized, efficient, and transparent AI landscape, polling resources and expertise from its members to accelerate advancements in the ethical and transparent development of AI solutions."
And so Phase I sees AGIX and OCEAN merged into FET, the trading of which remains uninterrupted as the project rebrands to the Artificial Superintelligence Alliance. There's a migration platform on Singularity.net. And AGIX and OCEAN are starting to delist from exchanges.
Phase II will focus on "community onboarding and ASI deployment, prioritizing self-custody holders and deploying ASI tokens across multiple chains," the Fetch.ai blog said.
Checking the symbol FET on Tuesday at 8:30 a.m. (EST), we find CoinGecko has it connected with Artificial Superintelligence Alliance and we also notice that since yesterday the No. 32 token has declined 3.6% to $1.35.
What's next
This Rally Still Might Have A Long Way To Go
Crypto seems hunkered down, waiting confidently for a catalyst other than July being a historically good month, or, at the very least, for the fated final approval of Ethereum ETFs.
Bitcoin bottomed out at $59,500 in June after hitting $73,700 in March. BTC's zone of interest – quietly terrifying, and to be avoided at all costs – recently was pegged at roughly $56K-$57K.
"The current crypto market lull has done little to bend the confidence of analysts and experts who see further price gains in the months ahead," said Decrypt.
Matthew Sigel, head of crypto research at VanEck, put it this way: "If the current cycle’s durability adheres to previous trends, this could indicate a potential market top between Q2 and Q4 of 2025."
