Crypto Market Outlook – The Trend Of Crypto Events On June 27, 2023

The crypto market is still struggling against the forces of the bears. Some crypto assets gradually slide into the red amid the waving volatility pushing over their resistance levels.

But a greater percentage of the assets struggle to maintain their holds across resistance levels. Bitcoin has tried to retain its gains over the past 24 hours to remain in the green. 

The primary crypto token still holds a profitable stance for most investors both in the retail and institutional categories. Most of the altcoins, such as Ethereum, BNB, TRON, Litecoin, Polygon, Bitcoin Cash, and others, show a considerable price surge.

Some tokens in the red include Polkadot, Dogecoin, Cardano, and Solana, that dipped by 1.25%, 0.63%, 1.64%, and 1.01%, respectively.

More events are unfolding around the SEC vs. Ripple lawsuit, and the Shiba Inu community is thrilled about more developments in its ecosystem.

Current Trend Of Digital Asset Market

The crypto market is known for its high volatility, which could unexpectedly change the prices of most assets. Moreover, several external and internal factors can influence the outlook of crypto tokens.

Following the previous surge, the crypto market is slowing down in its trend today but still indicating slight gains. The overall crypto market cap is now at $1.18 trillion, indicating a 0.18% surge over the last day.

The total crypto market trade volume increased 10.47% over the past 24 hours. The value is currently sitting at $35.39 billion, with the trade volume of stablecoin taking a greater percentage.

Below is the outlook of the major market sectors that make up the broader crypto market.  

Bitcoin Market

The primary crypto asset saw an increase last week as it scaled into the $30,000 region. 

Impressively, BTC hit the $31,000 level before retracting slowly. At the time of writing, Bitcoin has surged by 0.65% over the past 24 hours as the price hovers around $30,433.38. Its market cap is currently at $589.20 billion, and the 24-trading volume is $14.44 billion.

The token has indicated great resilience as it craves to maintain sustainable growth. BTC has finally hit a dominance of half the value of the entire crypto market. 

According to data from CoinMarketCap, Bitcoin’s dominance has hit 50.00% after surging by 0.17% over the last day. Also, BTC is gradually gaining more attention from institutional investors as more financial entities seek to engage in Bitcoin Spot ETF. 

The exposure and fame of the primary crypto asset have pushed Bitcoin to become the second most trending crypto as of June 27.

Market Outlook For Major Altcoins

At the time of writing, as of June 27, a majority of the altcoins are in the green with sustainable spikes over the past day.

Ethereum, the second-largest crypto by market cap, increased by 0.53% over the past 24 hours. Currently, ETH is trading at around $1,885.51.

Ethereum’s popularity as the bedrock of smart contracts in the crypto industry is undeniable. The blockchain remains the building ground for several DeFi and innovative protocols and projects in the crypto space. 

ETH progressively climbed into the $1,800-mark last week and has maintained its anchor within the price range. With a market cap of $226.35 billion, ETH boasts a market dominance of 18.41%.

Besides Ethereum, other prominent altcoins also gained on the last day. These include BNB (BNB), Tron (TRX), Litecoin (LTC), Polygon (MATIC), Bitcoin Cash (BCH), and others with respective price increases of 0.96%, 1.66%, 0.85%, 0.91%, 16.76%.

According to data from CoinMarketCap, Bitcoin Cash (BCH) emerged as the day’s top gainer. The top loser is NEAR Protocol (NEAR), with a drop of 6.45%.

Decentralized Finance (DeFi) Market

The overall outlook for the decentralized finance (DeFi) crypto market shows a decrease in the trend. The cumulative DeFi market cap sits at $47.68 billion, indicating a decline of 0.31% over the past 24 hours.

Also, the 24-hour trading volume plummeted by a whopping 13.71% as the value hit $2.50 billion. At the top of the DeFi ranking list is Wrapped Bitcoin (WBTC), with a market cap of $4.82 million. The token saw an increase of 0.99% in its price over the past 24 hours. 

Surprisingly, Compound (COMP) emerged as the top DeFi gainer as of June 27. COMP recorded a price rally of over 14% within the last day as the price crossed the $42 mark.

Other DeFi tokens with outstanding price surges include 0x Protocol, Radiant Capital, Neutron, Telos, Persistence, SingularityDAO, Acala Token, and others. Their respective reclaim in the past 24 hours is 3.02%, 4.16%, 5.39%, 8.19%, 11.56%, and 12.02%.

Stablecoin Market

As usual, the stablecoin market takes the lead volume as it constitutes 92.21% of the total crypto market 24-hour volume. As of June 27, the stablecoin market hit a trading volume of $34.35 billion, with a surge of 10% within the last day.

However, the market saw a slight decline of 0.07% in its market cap, which sits at $128.49 billion. Tether USDT is still at the top of the list of stablecoins, with a market cap of $83.27 billion. 

Non-Fungible Token (NFT) Market

The NFT market still witnessed lots of trades as of June 27. According to data from CoinMarketCap, the market had a 28.71% increase in its sales volume, reaching $36.24 million.

But total sales dipped by 19.17%, with only 51,780 collections sold in the past 24 hours. Currently, the NFT market cap is $3.52 million.

The Ethereum-based Azuki has emerged as the top in the list of NFTs. Azuki has overthrown the prominent Bored Ape Yacht Club (BAYC).

Azuki records a 24-hour volume of 4,829.88 ETH, indicating a surge of 160.95%. But BAYC highlights a 24-hour volume of 2,671.63 ETH, showing an increase of 103.55%.

News and Events In the Crypto Market Today

Today’s crypto market gave both enthusiasts and observers different vibes with its increasing volatility and sudden twists.

Data Indicates Tuesday As The Most Profitable Day For BTC

Following several analyses from a top crypto participant, data that highlights Bitcoin’s profitability based on trading days emerged. 

The data revealed that Tuesday is the most profitable day for the primary crypto asset. According to the data, the average returns of Bitcoin for Tuesday surpass those of other days of the week.

It suggests that BTC has historically indicated better performance and yield on Tuesdays. It noted that the digital market always witnesses increased activities after a slight relapse during weekends. 

Also, the beginning of the week is just like a regathering for the market. But the Tuesdays bring increasing buying pressure that draws more investors and skyrockets returns at the end of the day.

The data could serve as a guide for some traders and investors as it avails more insights into the trend in the Bitcoin markets. 

However, the insights cannot provide a guarantee for higher investment returns. The crypto market is volatile and impacted by several factors. So, investors must research to understand the trends before leaping into it.

Bitcoin Cash (BCH) Witness Over 100% Explosive Weekly Surge

Bitcoin Cash has set a record in the crypto market with its recent explosive price surge. According to data from CoinMarketCap, Bitcoin Cash is the top-performing crypto asset for the day, with over 17% price surge.

Additionally, BCH value skyrocketed by more than 100% over the past 7 days. The fourth-largest proof-of-work blockchain token surged by 111% over the past week, with its price at $226.52, hitting a one-year high.

The recent price surge for Bitcoin Cash is linked to the increasing investment attention from institutional investors. Also, its mineable feature creates a more speculative attraction on BCH tokens.

The Bitcoin Cash network recorded a total hash rate of 3.9(EH/S) as of today. It has a mining difficulty of 369.96 (G) and a fully diluted valuation (FDV) of $4.7 billion.

Following the explosive bullish trend, BCH saw a gain extra 2 million in its market cap, taking the value to $4.43 billion. Also, the token is currently ranked as the nineteenth top crypto asset by CoinMarketCap.

The trading volume for BCH saw an increase of 65% as it hit over $1.17 billion. Amid the rising on-chain activity on the BCH network, the PoW token still offers its users affordable transaction fees and speedy transaction rates.

How The Court May Use Hinman ETH Analysis On XRP

The legal battle between the US Securities and Exchange Commission (SEC) and Ripple is still ongoing, with several fallouts and reactions in the crypto industry. 

One of the major debatable topics relating to the lawsuit is the famous Hinman document or emails. Many people are projecting diverse interpretations of the document as related to Ethereum and its implication for XRP.

A prominent crypto influencer, Mr. Huber, has eventually analyzed how the court could apply the Hinman Ethereum analysis to XRP. Mr. Huber laid out two analyses of Judge Torres’s ruling in the case.

The first situation concerns whether the SEC’s former director William Hinman lawfully excluded Ethereum from the securities rule. This means that Judge Torres could also apply the exact analysis to XRP.

If this happens, it would mean that XRP should not be classified as a security just like Ethereum. Such an analysis would eliminate the possibility of penalties on XRP and Ripple, the blockchain company behind the token.

Conversely, the situation could turn out that Hinman failed to exclude Ethereum from the securities rule lawfully. In this situation, Judge Torres may decide that Hinman’s statements could bring a reasonable belief that XRP is within the same rules.

So, the judge might consider XRP as a security in the final ruling for the case resulting in some penalties for Ripple and its token.

The Shiba Inu Community Are In For More Thrilling Updates, Says Lead Developer

The SHIB community has always indicated a positive disposition toward the anticipated launch of the layer 2 network Shibarium. While the community is still waiting, the protocol lead developer Shytoshi Kusama teases thrilling upcoming updates.

Kusama tweeted about an upcoming thrilling development within the Shiba Inu ecosystem. In his post, the developer referred to the Kanpai agency and Bad Idea AI, a prominent artificial intelligence meme token.

The developer hinted that the development is “something lovely.” Also, he appreciated Bad Idea AI and Mazrael, the latter being a famous SHIB community member, for some valuable tips.

Further, Kusama mentioned that the Kanpai agency had created a unique work connected with their plans for Shiboshis. 

A previous tweet from Lucie revealed a leaked Discord discussion about new features within the Shiba Inu ecosystem. The project could involve the integration of Shiboshis and a breeding mechanic in Shiba Eternity.

Additionally, the official page of the SHIBARMY created more excitement in the community and the launch of new projects. However, some members still express concern about the delays regarding the launch of Shibarium.

While discussing the need to prioritize projects within the ecosystem, some SHIB community members believed it’s better to complete the pending ones before rolling out new projects.

SEC Lawyer Allegedly Departs From The SEC Vs. Ripple Lawsuit

The XRP holders’ legal representative John Deaton, expressed mixed feelings on the alleged departure of an SEC lawyer.

Deaton took to Twitter to first display his excitement about the new development regarding the exit of the attorney. But he later noted his disappointment over the twist of the events.

Attorney Deaton got an email that notified him of the exit of the SEC lawyer. He was previously happy but later felt disappointed.  However, Deaton stated that the exit of just a single SEC lawyer has no substantial impact on the legal battle between SEC and Ripple. 

He reported that the situation should not be mistaken to be the end of the lawsuit or its settlement. This means the lawyer’s departure does not alter the trajectory of the ligation at hand.

Similarly, another legal professional, Marc Fagel, gave a similar indication from Deaton. Fagel is a former lawyer and former SEC director in San Francisco.

Fagel stated that he also felt the same way as Deaton, expressing excitement and later downhearted with the news.

Further, Fagel reacted to the SEC’s turnover during Chair Gary Gensler’s tenure, concluding that the commission has increased its turnover rate.

XRP’s Price To Rally If History Repeats

A notable crypto analyst Ali Martinez predicted an upcoming price rally for XRP. The analyst noted that XRP had seen a surge in its daily active addresses, and with the repeat of historical patterns, the token could get an explosive pump.

Ali focused his analysis of XRP using on-chain data. The analyst discovered that XRP couldn’t maintain its anchor at the resistance level of $0.50 amid the recent market bullish trend.

But it could be preparing for a rally if the historical trend witnessed earlier this year repeats.

According to Ali Martinez, the historical pattern for XRP involves its daily active addresses. He based his analysis on data from a prominent market intelligence provider, Santiment.

Ali pointed out that XRP had its last three price surges following a notable increase in its address activity.

A review of the XRP address chart indicated that the token had a huge surge in daily active addresses on January 6, 7, and 11. During the period, XRP was trading at around the $0.33 region.

Progressively, XRP’s price surged from $0.329 on January 2 to $0.423 on January 24, indicating a 28.5% increase.

Similarly, the largest price rally for XRP in March this year followed the same pattern. The XRP active addresses first surged to 872K on March 20. 

XRP later had an astronomical price surge from $0.385 on March 21 to $0.571 on March 29, showing a 48.3% rise.

Ali noted that the active addresses for XRP indicated some spike, with 142K on June 23, 147K on June 24, 135K on June 25, and 144K on June 26. The trend could trigger another massive price rally for XRP.

4 Billion DOGE Moved Amid Robinhood Stash Increase

The past 24 hours saw a spike of over 20% in the trading volume of the global largest meme coin by market cap, Dogecoin. 

Two anonymous wallets moved a whopping 4 billion DOGE tokens through the Robinhood trading app. The trading platform recently increased its Dogecoin stash by 11% compared to its holding by the end of May.

A prominent on-chain data provider, Whale Alert, revealed the staggering Dogecoin transactions. The report highlighted the transfer of the meme coin was completed through two separate transactions.

The first transaction involved the movement of 1,958,943.330 DOGE tokens worth about $126.44 million. The second transaction involved the transfer of 2,076,945,575 DOGE tokens worth over $134.06 million.

According to a report from Dogecoin Whale Alert, the famous trading platform Robinhood now has about 38.31 billion DOGE in its stash. The DOGE holding is about 27.39% of the circulating supply of Dogecoin and is worth about $2.57 billion.

Currently, Dogecoin is trading at $0.06548, indicating a drop of 0.96% over the past 24 hours. The meme coin has a market cap of $9.15 billion and ranks as the eighth top crypto asset.