There are times when you have to go out to the market, and there are times when you have to watch from the sidelines.
The last two months have been a good example of what to watch and observe in the cryptocurrency markets.
In our previous Altcoin report, we stated that we expected the cryptocurrency markets to continue to decline throughout the summer and that we did not expect a reversal until at least mid-to-late September.
Here’s a summary of the cryptocurrency market over the past two months:
July 2024:
July saw a sustained downward trend compared to the previous month, with major assets such as Bitcoin and Ethereum under downward pressure. The market was affected by ongoing regulatory concerns, particularly the SEC’s ongoing scrutiny of cryptocurrency exchanges and products.
In addition, the market’s reaction to the broader economic situation, including rising interest rates and recession fears in major economies, also contributed to the downturn. In addition, the news related to Mt. Gox further undermined market confidence, leading to selling.
August 2024:
The previous month’s downtrend continued into August and is expected to continue at least until mid- to late-September. The beginning of August was marked by a severe global market crash on August 5 (see image above), triggered by an unexpected policy change in Japan, a surprise rate hike, and disappointing economic data from the United States.
These factors have caused stocks around the world to plummet, which has spilled over into the cryptocurrency markets, resulting in significant losses in both crypto and stock markets.
During this period, we were able to see the interconnectedness between traditional financial markets and cryptocurrencies, as the market downturn led to a decrease in cryptocurrency trading volumes, which led to widespread liquidations and further price declines.
Key market factors since September:
- Trump’s ProBitcoin Position: If Trump continues to gain support as a pro-crypto candidate, his potential election could lead to more favorable cryptocurrency regulation in the United States, which could lead to bullish sentiment across markets.
- US Bitcoin Holdings: Senator Cynthia Lummis has proposed the “Bitcoin Act of 2024,” which aims to enact strategic Bitcoin legislation. Bitcoin holdings It is for the US Treasury. The plan involves purchasing 1 million bitcoins over the next five years to hedge against inflation and economic instability. The bill has garnered support from various cryptocurrency advocates who believe that integrating bitcoin into the US reserves could improve financial stability.
- Institutional adoption: Don’t forget the quiet but growing institutional adoption of Bitcoin, which is expected to continue to drive demand for Bitcoin. Major financial institutions, including BlackRock and Fidelity, are increasingly involved in the cryptocurrency space, with Bitcoin at the forefront of their strategies. As more institutional players enter the market, the price could go higher due to increased demand and reduced volatility.
While no one can predict the future, we believe in the long-term growth potential of Bitcoin and the entire cryptocurrency market. As we have mentioned in the past, there are many cycles in this space, from altcoin season to meme season, and the cyclical nature of the cryptocurrency market, which is usually marked by Bitcoin halving events.
At Altcoin Investor, we take a long-term approach when investing in the cryptocurrency market. We focus on undervalued projects with high utility that we believe will provide high returns in the long term.
Top 100 Trending Altcoins
Red is again showing up heavily in the markets this week.
Today’s Cryptocurrency Fear and Greed Index
Today’s Cryptocurrency Fear and Greed Index = Fear (27).
Bitcoin & Ethereum Price Movements
Bitcoin It decreased 2.33% Currently trading as of last week $59,405. Bitcoin has been down over the past 90 days. 11.2%.
Ethereum It decreased 0.75% Currently trading as of last week $2,622. Ethereum has been in decline over the last 90 days. 15.98%.
Global Cryptocurrency Market Cap Decrease $2.09 trillion (from $2.15 trillion last week)
Top 100 Earners – Last 7 Days
Stocks with the biggest gains over the last 7 days (top 100):
AAVE +19% – 47th
AAVE is a leading decentralized finance (DeFi) protocol on the Ethereum blockchain that allows users to lend and borrow cryptocurrencies without intermediaries. It offers innovative features such as flash loans that provide instant, uncollateralized loans, and gives users the option of stable or variable interest rates. The native AAVE token is used for governance and can reduce fees. Aave’s risk management includes a safety module funded by AAVE to cover potential losses, making it a safe and flexible platform in the DeFi space.
Helium (HNT) +17% – 55th
Helium (HNT) A decentralized network designed for Internet of Things (IoT) devices, enabling long-range communication via a global wireless network powered by user-operated hotspots. These hotspots provide coverage and are compensated with the network’s native cryptocurrency, HNT tokens. Helium uses LongFi technology, which combines LoRaWAN and blockchain, and uses a Proof-of-Coverage consensus algorithm to ensure reliable network service. This innovative approach aims to create an efficient and user-centric wireless network for IoT devices worldwide.
SATS (1000SATS) +17% – 91st
ratio (1000 ratio) A token issued on the Liquid Network, a Bitcoin sidechain developed by Blockstream. Each token represents 1,000 satoshis, the smallest unit of Bitcoin and equal to 0.00001 BTC. This tokenized form of Bitcoin facilitates micropayments and other transactions within the Liquid Network ecosystem, enabling easier partial transactions and use in applications that require smaller Bitcoin units.
THORChain (Rune) +16% – 53rd
Thor Chain (Rune) is a decentralized liquidity protocol that allows users to exchange assets across multiple blockchains without the need for a centralized exchange. It facilitates cross-chain exchanges and allows users to provide liquidity to pools and earn fees and rewards in RUNE, the network’s native token. RUNE also plays a key role in payments, security, and governance within the network. THORChain is fully decentralized, providing secure and direct asset exchange between blockchains and includes features such as temporary loss protection for liquidity providers.
Meme Coin
We hate and detest hate coins. These projects are condemned by most serious investors because they have no intrinsic value. However, hate coins are responsible for the following: More Crypto Millionaires More than any other sector of the cryptocurrency market.
Top performing meme coins
Meme Coin continues to deliver some of the most outrageous returns in the cryptocurrency market, having been the biggest gainer over the past 30 days. Lovely Inu Finance +4,681,321% (30 days).
The second most popular one is pepper trumpPolitically themed meme coins are expected to continue to perform well ahead of the upcoming presidential election in November.
However, it is important to remember that meme coins offer no intrinsic value and are purely speculative. Nevertheless, the outrageous returns that meme coins offer still attract many people to this market segment.
What will be the next 100x meme coin?
The next 100x meme coin is likely to be one that hasn’t been minted yet. If you’re looking to invest in meme coins, your best chance of making a huge profit comes when you buy them: As soon as the tokens are minted.
How can I find newly minted coins?
To learn more about how to find newly minted coins with high potential, check out our article titled ‘100x Altcoin Strategy’.
🚀 100x Altcoins: Newly minted cryptocurrencies +100x potential
Using this strategy, you can find newly created cryptocurrencies with a +100x potential.
Monthly Altcoin Recommendations
Dear readers, we did not publish Altcoin Picks in June and July due to the weakness in the market. The bearish indicators will continue for the rest of the month, but we expect a trend reversal in September.
Our Altcoin Picks are published based on current market conditions, and in bearish market scenarios where the market is expected to continue to decline, we postpone the publication of our monthly Altcoin Picks. Due to current market conditions, we postpone future Altcoin Picks until more suitable market conditions are met.
While it is impossible to accurately predict the bottom of any downtrend, we are confident that we will see a reversal of this trend in mid to late September, at which point our September altcoin recommendations will likely be published.
Our approach and strategy for selecting altcoins is simple. We focus on undervalued, high utility projects with global market growth that offer long-term potential (we call these blue chip cryptocurrencies). If you are wondering how we select our monthly altcoin picks, this is methodology We use.
We would like to thank our dedicated members and subscribers for sticking with us through the market downturn and hope to resume monthly Altcoin recommendations as soon as market conditions become more favorable.
To access current and past Altcoin selections, consider: Become a member – It’s only the price of a few cups of coffee a month.
Altcoin recommendations for the past few months You can find it here.
Thank you to all our members!
Until the next report,
Richard.