Zinger Key Points
- Cryptocurrencies traded mixed after a week of rally, driven by approval of ETF applications in the U.S.
- Analysts predict a strong Bitcoin market in July, with institutional interest surging.
- Ethereum has high volatility, with supply on exchanges at its lowest in recent times.
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Major cryptocurrencies traded mixed on Monday evening following a week-long rally that was driven by several crypto-related exchange-traded funds (ETF) applications in the U.S.
This comes as the Securities and Exchange Commission (SEC) on Sunday approved the nation's first leveraged Bitcoin futures ETF offered by Volatility Shares, a Florida-based investment firm.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | +0.18% | $30,338 |
| Ethereum ETH/USD | -0.83% | $1,864 |
| Dogecoin DOGE/USD | -1.64% | $0.064 |
What Happened: After sending Bitcoin’s price higher, the momentum created by BlackRock and other financial giants with their multiple spot bitcoin filings appears to have dissipated as investors face the reality that any SEC approval is still months away, if not longer.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin Cash | +14.48% | $218.57 |
| Injective | +9% | $7.48 |
| NEAR | +8.12% | $1.48 |
At the time of writing, the global crypto market capitalization stood at $1.18 trillion, a decrease of 0.32% over the last day.
The US stock slumped on Monday as investors sold shares of technology companies that have outperformed this year and the final trading week of the first half commenced. The Nasdaq shed 1.16% while the S&P 500 lost 0.45%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van de Poppe has signaled a surge in institutional interest in Bitcoin. This indicates that there is a high possibility of the markets continuing to climb up.
"Additionally, the markets expect a correction from Robinhood selling assets. Most likely they have already been sold off. No worries," he said.
According to Markus Thielen, the head of crypto research and strategy at Matrixport, a digital asset service platform, Bitcoin may see significant gains in July.
"July tends to be a strong month for Bitcoin when prices have finished positive in seven out of the last 10 years, with average returns of 11%," Thielen said. "The 2020, 2021 and 2022 returns were 24%, 20% and 27%, respectively. Hence, Bitcoin could be at $33,000 to $36,000 by August."
Thielen also suggests that Bitcoin tends to have its strongest rallies during U.S. trading hours, dispelling the misconception that “crypto is dead in the U.S.”
Pseudonymous trader PlanB said Bitcoin may be poised for a significant bull market. In a recent strategy session on YouTube, PlanB suggested that Bitcoin’s realized cost price, a metric calculated by averaging the value of BTC using the price at which coins were last moved, indicates that a more pronounced bull market may be underway.
"The important thing that we see is that the Bitcoin price, the red dots, crossed over the two-year realized cost price, and it already crossed the realized cost price, and it already crossed the five-month, short-term cost price."
He added, "In history, closing above the two-year realized price was a signal that the bull market [was about to] accelerate. Same here in 2016 and 2019 was a bit of a weird year with the Covid black swan."
Santiment, the on-chain analytics firm, on Monday, reported high volatility for Ethereum with bulls and bears fighting over the $1,900 price point.
Interestingly, the largest non-exchange addresses continue to accumulate Ethereum while the top exchange addresses are at their early levels. Furthermore, the supply of Ethereum on crypto exchanges is currently at 9.2%, its lowest in recent times.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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