Cryptocurrency Heard for the Month: 1 July 2022
In the last Cryptocurrency article, we suggested that mid June was probably a good entry point to buy the previous listed suggested currencies, such as Solana (SOL) at or below $27.50, Avalanche (AVAX) buy at or below $15.00, VeChain (VET), buy at or below $0.023, Cardano (ADA) buy at or below $0.50, Ethereum (ETH) buy at or below $1,007, Bitcoin (BTC) buy at or below $20,600, and Binance Token (BNB) buy at or below $207.
Last two weeks Review
Solana (SOL) current price is at $32.48, up 18.11% from our technical suggested entry price, Avalanche (AVAX) is at $16.95, up 13.65%, VeChain (VET) is at $0.02252, down 2.09%, Cardano (ADA) is at $0.4582, down 8.36%, Ethereum (ETH) is at $1.072.38, up 0.04%, Bitcoin (BTC) is at $19,926.10, down 3.27%, and Binance Token (BNB) is at $216.96, up 4.81%. Hence, the cryptocurrency suggested portfolio is up 22.89%, not bad for two weeks performance.
Investors have been wondering why in May and June Cryptocurrencies were in a bear market, as it did not make much sense to investors, especially in a period of higher forecasted inflation. Since the beginning of the coronavirus pandemic, Bitcoin (BTC) has shown a tendency to move in the same direction as the large companies listed on the Nasdaq 100 index. Recently, this correlation has grown closer than ever before.
Indeed, the 40-day correlation between the Nasdaq 100 index and the largest cryptocurrency by market capitalization reached an all-time high of 0.6945 on April 8, according to Bloomberg data.
Commenting on the results of the analysis, Bloomberg’s Joana Ossinger argued that:
“The increase further erodes the argument that Bitcoin works well as a diversifier, one that is been held up by proponents as key to its appeal.” The Nasdaq 100 includes 100 of the largest domestic and international non-financial companies by market capitalization listed on the Nasdaq Stock Market, including innovation leaders such as Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Tesla (NASDAQ: TSLA), Amazon (NASDAQ: AMZN), and Amgen (NASDAQ: AMGN).
Fact is Bitcoin’s ROI has beaten the S&P 500, Dow Jones Industrials, and Nasdaq indices by 1,645% over the last five years. However, in the last couple of months have been rough for Bitcoin, which has failed to successfully retest two pivotal bull market exponential moving averages (EMAs). Bitcoin currently trades at its lowest level in around two weeks, bringing down with it the global crypto market capitalization which had just managed to reclaim the $2 trillion level in late March. The total cryptocurrency market is currently $1.89 trillion, down 11.68% compared to the week before.
As we enter in July, we expect new trends to shape the world of crypto. The months of May and June overall have been bearish for the cryptocurrency market, but we should start recovering from the recent market turmoil. We believe the most liquid cryptocurrencies will grow stronger in the coming months starting from July, such as Bitcoin (BTC) and Ethereum (ETH).
The Bitcoin price today is $19,926.10 USD with a 24-hour trading volume of $23,198,637,487 USD. Bitcoin is down 2.61% in the last 24 hours. The current Coin Market Cap ranking is #1, with a market cap of $371,814,309,460 USD. It has a circulating supply of 19,080,975 BTC coins and a max. supply of 21,000,000 BTC coins.
Ethereum price today is $1.072.38 USD with a 24-hour trading volume of $15,569,640,403 USD. Ethereum is down 5.29% in the last 24 hours. The current Coin Market Cap ranking is #2, with a live market cap of $128,903,201,660 USD. It has a circulating supply of 121,350,956 ETH coins and the max. supply is not available.
To further diversify the Cryptocurrency portfolio, out technical analysis are suggesting to add Litecoin (LTC) at or below $50.50.
About Litecoin (LTC)
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Litecoin has a current supply of 84,000,000 with 69,948,806.27791464 in circulation. The last price of Litecoin is $50.75, down -2.6%, over the last 24 hours. It is currently trading on 753 active market(s) with $865,460,880.64 traded over the last 24 hours. More information can be found at https://litecoin.org/.
Before investing in any financial vehicle, please note diversification is key to any good investment strategy, and this holds true, when you are investing in cryptocurrency. Do not put all your money in Bitcoin, for example, just because that is the name you know or most hear on the street. There are thousands of options, and it is better to spread your investment across several currencies. Hopefully, the following articles in the subject will help you make better investment decision choices, when investing in Cryptocurrencies.
Disclosures: The cryptocurrency market is highly volatile, so be prepared for ups and downs. Investors may experience dramatic swings in prices. Investors, who do not have high risk tolerance, cryptocurrency might not be a wise choice of investment. Cryptocurrency is all the rage right now, but investors should remember, it is still in its relative infancy and is considered highly speculative. Investing in something new comes with challenges. Investors, who plan to invest in Cryptocurrency should do their own research, and invest according to their risk tolerance.
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