Could Bitcoin hit $73,000 in July? AMBCrypto’s June report explores possibilities

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As a seasoned crypto investor with several years of experience under my belt, I’ve witnessed my fair share of market volatility and trends. The events of June were no exception, as Bitcoin, Ethereum, and Cardano each faced unique challenges that tested the resolve of investors.

As an analyst, I observed that June brought significant turbulence to the cryptocurrency market. Bitcoin, Ethereum, and Cardano each encountered distinct challenges and trends. Although some encouraging signs emerged, the overall mood was clouded by geopolitical instability, regulatory uncertainties, and evolving market conditions.

Bitcoin’s struggles and market response

As an analyst, I’ve observed a significant decrease in Bitcoin’s value following the Federal Reserve’s June FOMC meeting. The Fed Chair’s expression of doubt regarding the robustness of the U.S. economy sparked a sell-off, driving prices down to a weekly low of $66,249. This downturn resulted in substantial long liquidations totaling $32.92 million.

Ethereum’s decline and investor movements

Ethereum encountered some obstacles, causing the total value locked on its platform to decrease to $60.74 billion by mid-June. There was a notable reduction in the number of Ethereum accounts holding over $100,000 worth of ETH, signaling a broader market sell-off due to Ethereum ETF uncertainties. Nevertheless, Ethereum’s futures open interest suggested growing market anticipation and potential for heightened short-term price fluctuations.

Cardano exhibited contrasting results in various aspects. The treasury amassed a 3.5% increase, reaching a total of 1.48 billion ADA. In contrast, on-chain transaction volumes saw a significant decrease, indicating reduced profitability and market activity. However, decentralized exchanges such as Minswap showed remarkable strength within the Cardano ecosystem. Concurrently, many investors in memecoins reported profits during mid-June based on AMBCrypto’s survey findings.

7,259 memecoin investors surveyed

A comprehensive investigation conducted by AMBCrypto among 7,259 memecoin investors uncovered diverse tactics and reasons driving participation in the volatile memecoin sector. By mid-June, these memecoins including SHIB, DOGE, and PEPE accounted for a significant 2.13% of the overall cryptocurrency market, garnering increasing interest from investors worldwide.

Interestingly, 50% of those surveyed reported profits throughout most of June. The survey disclosed that more than 30% of investors are drawn to memecoins for their potential for high returns and the prospects for long-term growth of the projects. In contrast, a smaller group of about 6% engages with memecoins purely for their entertainment value.

The survey findings reveal a notable split in investors’ priorities when it comes to memecoins. Approximately 43% of investors place great importance on real-world use cases, while around 47% are heavily influenced by hype and community engagement. Moreover, a considerable 8.6% disregard the significance of real-world applications altogether, focusing solely on financial gains.

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2024-06-30 15:03