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News recap: getting ready for the altseason?

Bitcoin miners are selling off their reserves. Altcoins are weaker than BTC, but analysts predict their “revival” in Q3. Check out the News recap to learn about the most important events in the crypto world between 24th May and 13th June.

Crypto market in numbers

Since 25th May 2024, crypto market capitalisation has dropped by 3.9% to $2.46 trillion. Significant changes in this indicator are rare but almost always return to previous levels. Altcoins are taking the biggest hit, being much weaker than BTC. There’s a purge of “weak hands” – investors prone to panic and impulsive behaviour due to market trends.

Trading activity has remained steady. Between 25th May and 13th June, average daily volumes were between $50 and $100 billion, similar to levels in February 2024. Historically, a drop in trading activity during summer is commonly observed.

The Crypto Fear and Greed Index has returned to the “Greed” zone, standing between 70 and 78 points for a month.

Cryptocurrency volatility has significantly decreased. Since 25th May, the 30-day BTC volatility index has dropped by 28.31% – from 2.19% to 1.57%. The same index for ETH decreased by 9.16% – from 3.55% to 3.26%.

The crypto market is experiencing a “lull”. Prices for most altcoins have remained virtually unchanged for the past two months. Based on volatility indicators, a sharp price movement is expected soon. analysts still predict a “revival” of altcoins in Q3 of this year, potentially aided by the start of ETH-ETF trading.

BTC has been unable to break through the $72,000 resistance level, falling back to the $66,000 – $70,000 range. The reason for this is miners selling their reserves. The sales volumes have not yet significantly impacted the market. Historically, June is as uncertain a month as May. The average BTC return during this period is 0.25%, while for ETH, it is -7.29%.

Gainers (22nd May – 10th June 2024)

Coin Opening price 22.05, $ Opening price 10.06, $ Change
DEGEN 0.0156 0.0190 21.6%
TON 6.55 7.90 20.6%
UNI 9.86 10.72 8.8%
ONG 0.61 0.66 7.8%
CHZ 0.1288 0.1369 6.3%

Losers (22nd May – 10th June 2024)

Coin Opening price 22.05, $ Opening price 10.06, $ Change
WAVES 2.90 2.08 -28.3%
VLX 0.0157 0.0129 -17.9%
GAS 5.44 4.60 -15.5%
QTUM 3.99 3.41 -14.7%
ONT 0.73 0.62 -14.1%

Easily track gainers and losers within the Simple Trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (22nd May – 10th June 2024)

Coin Trading volume, $
USDT 141,254,353
BTC 59,729,465
ETH 31,803,668
DOGE 22,240,240
NEAR 8,724,691
LINK 8,268,449
GMT 7,165,017
LTC 6,889,567
SUI 6,640,276
UNI 6,593,762

Top crypto market driving factors

Overall сrypto market

▼ 27.05.2024 – JPMorgan does not expect the SEC to approve other crypto-ETFs following spot ETH-ETFs.

▲ 30.05.2024 – Deutsche Bank believes blockchain is the future, seeing it as an additional revenue source for banks.

Bitcoin (BTC)

▲ 29.05.2024 – According to a Glassnode report, long-term holders have started accumulating bitcoin for the first time since December 2023.

▲ 29.05.2024 – Bitcoin network users conducted over 15 million transactions in May 2024.

▼ 03.06.2024 – In May 2024, the number of active addresses on the Bitcoin network was 20.93 million units. This is the lowest figure since February 2019.

▲ 06.06.2024 – 10x Research expects bitcoin to soon reach a new ATH amid sharply increasing inflows into bitcoin spot ETFs.

▼ 10.06.2024 – The market has registered a new record number of hedge fund short positions on bitcoin.

▼ 11.06.2024 – Marathon Digital, the largest bitcoin mining company, sold 1,000 BTC, likely to cover production costs.

▼ 12.06.2024 – Over the last month, the volume of bitcoins on OTC platforms for miners of the first cryptocurrency increased by 54,000 coins.

▼ 12.06.2024 – CryptoQuant sees signs of bitcoin miners capitulating.

Ethereum (ETH)

▲ 27.05.2024 – Ethereum developers plan to implement the Pectra upgrade in Q1 2025.

▲ 28.05.2024 – ETH balances on centralised exchanges stand at a six-year low.

▲ 29.05.2024 – The share of ETH spot trading has begun to grow actively following the approval of spot ETH-ETFs.

▲ 30.05.2024 – According to Standard Chartered, approval of spot ETH-ETFs could push the price of ether to $8,000 by the end of 2024 and $14,000 by the end of 2025.

▲ 03.06.2024 – CryptoQuant reports that more than 800,000 ETH have been withdrawn from centralised exchanges since ETH-ETFs’ approval.

▲ 06.06.2024 – VanEck has increased its price forecast for ETH to $22,000 by 2030.

▼ 11.06.2024 – According to Spot On Chain, three addresses associated with the Ethereum Foundation sold a large amount of ETH last week.

Solana (SOL)

▲ 27.05.2024 – Solana developers plan to release the full version of the Firedancer update in 2025.

Dogecoin (DOGE)

▲ 31.05.2024 – DOGE whales bought over 700 million DOGE worth $112 million since 28th May.

▲ 04.06.2024 – Since 30th May, DOGE whales have bought an additional 200 million DOGE.

Toncoin (TON)

▲ 27.05.2024 – The volume of locked value in the Toncoin network exceeded $300 million.

▲ 27.05.2024 – CryptoQuant experts note a surge in large transactions in TON since April.

Cardano (ADA)

▲ 10.06.2024 – According to Cardano’s CEO, The Chang hard fork in the Cardano network is expected very soon.

▲ 11.06.2024 – According to Santiment, ADA is among the top-discussed topics in the community.

Ethereum Classic (ETC)

▲ 31.05.2024 – The Ethereum Classic network experienced its fourth halving. The block reward for mined blocks is reduced to 2048 ETC.

Notcoin (NOT)

▲ 03.06.2024 – According to CoinGecko, the transaction volume in the Notcoin network exceeded $4.7 billion in 24 hours, marking it the fourth highest after BTC, ETH, and USDT.

Ethena (ENA)

▲ 03.06.2024 – Four months following launch, Ethena’s USDe stablecoin supply exceeded $3 billion.

Tezos (XTZ)

▲ 05.06.2024 – Tezos conducted the Paris update, increasing the network’s scalability. News

Two new tokens listed on trade the gaming token NOT and the latest meme coin GME.

New network for USDC deposits: deposit USDC via Solana.

Three new networks for USDT deposits: deposit Tether (USDT) via Solana, The Open Network and BNB Smart Chain.

That’s all for this week! Follow on TwitterTelegram and Instagram to stay tuned to the main events and trends in the crypto market.


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