Cryptocurrency: Top 3 Coins To Watch For June End 2024
The cryptocurrency market is currently experiencing a significant downturn. This market dip is likely due to a combination of miner capitulation, a shortage of new money, investor fatigue, and withdrawals from exchange-traded funds (ETFs). While the dip might look alarming, it can present a fantastic opportunity for existing and new investors. Let's explore the top 3 cryptocurrencies to keep an eye on as we approach the end of June 2024.
1. Bitcoin (BTC)
Crypto analyst Ali Martinez reports that Bitcoin (BTC) has entered the oversold area and might break out from its downturn. Recently, the average cost of mining Bitcoin hit $86,000, suggesting that the price of a single Bitcoin could also rise above this mark. Martinez further noted that in the last two years, Bitcoin has entered the oversold zone three times, each time recovering by at least 60%. A trend reversal for Bitcoin could spur a market-wide rally, affecting other crypto assets positively.
2. Ethereum (ETH)
The US Securities and Exchange Commission (SEC) has approved ETFs for Ethereum (ETH). The first ETH ETF is set to launch in early July, which could potentially trigger a rally for the second-largest cryptocurrency. Historically, the introduction of BTC ETFs earlier this year elevated the original cryptocurrency to new heights. We could observe a similar trend with Ethereum.
3. dogwifhat (WIF)
One of the surprise performers in the current market dip is dogwifhat (WIF). This memecoin has been among the best-performing cryptocurrencies on the daily chart and over the past year. As investors pivot away from mainstream crypto assets, WIF might continue its rally. Traders seem to be choosing memecoins and smaller projects like WIF while the larger cryptocurrency market remains sluggish.
Summary
While the current cryptocurrency market scenario might look bleak, it offers a golden opportunity for astute investors. Bitcoin's potential trend reversal, Ethereum's upcoming ETF launch, and the exceptional performance of dogwifhat are three highlights to watch closely.
As always, exercise caution and conduct thorough research before making any investment decisions.
