Fortnightly Crypto Market Analysis: June First Half

Published on: Jun 21, 2024|2 min read

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London: 21 June 2024 (TraderMade): The past two weeks were eventful in the cryptocurrency world. We saw significant price fluctuations, new launches, and critical insights. This review summarizes the major happenings and trends.

Key Takeaways

Bitcoin experienced notable price changes.
New projects and critiques shaped the market.

Bitcoin's Price Fluctuation

Bitcoin started at $68,000, peaked at $71,000, and fell below $69,000. BNB and Toncoin were the only top 10 cryptocurrencies in the green. The total market capitalization was $2.68 trillion, with Bitcoin's dominance at 55.2%.

Bitcoin started below $70,000 and dropped to $65,000 by June 14th. Its total market capitalization was $2.56 trillion, and its dominance index was 55.2%.

Launch of Telegram Stars

Pavel Durov launched Telegram Stars for the messenger's ecosystem. These stars can be used for digital services in mini-apps and withdrawn through the Fragment platform using TON.

The highs for TON and BNB

The highs for TON and BNB hit $7.8 after they were added to Robinhood Crypto. BNB reached $721, likely linked to the Simple Earn program.

Meme Token Frenzy on Solana Network

Solana saw 455,000 new coins in May, mainly meme tokens. These tokens reached a market cap of $9.4 billion.

Vitalik Buterin's Critiques

Vitalik Buterin criticized celebrity meme coins. He emphasized projects with a focus on public goods and sustainable interest.

Federal Reserve Rate Hold and Inflation Slowdown

The US Federal Reserve held the rate at 5.25-5.5% annually. US inflation slowed to 3.3%.

ZKsync Airdrop Criticized

Only 13% of 6 million wallets participated in the ZKsync airdrop. Concerns about "Sybils" were raised by the community.

Vitalik Buterin Discussed Potential Applications of Cryptocurrencies

Vitalik Buterin discussed zero-knowledge proofs for privacy and security. He suggested using ZKPs in corporate applications and voting.

Noteworthy Updates

A trader made a 385-fold profit on the DADDY meme token.
A student in Uzbekistan was arrested for selling Notcoin.
Apple integrated ChatGPT into Siri, iOS, iPadOS, and macOS.
Vitalik Buterin discussed cryptocurrencies' practical applications.

Conclusion

The last two weeks have shown the cryptocurrency market's volatility and innovation. With new projects and market shifts, staying informed is crucial for all crypto enthusiasts.