Crypto Market Analysis – July 8th

The trend of BTC is tepid, and more mainstream currencies are strong in the short-term, and there are not many who have risen. The current increase in the activity of BTC is critical to the increase in mainstream currencies and more currencies. In the short term, the market share of BTC has dropped from 65.5% to 64%, indicating that the trend of most currencies is still relatively strong.

In terms of popular currencies, DOGE’s intraday amplitude is 80%, LINK’s highest is about to break the 2019 highest price of 6.1 US dollars, ADA continues to attack 86%, and VET rose 120%.

Recently, strong currencies have continued to strengthen, and new hotspots are emerging. In fact, in addition to the relatively large market value of the top 10 mainstream currencies in terms of market value and poor short-term performance, the mainstream currency with a smaller market value continues to be strong.

In the case where the market value of BTC does not rise but declines, many small-market-value currencies will usher in a supplementary market. Because it is far away from the high in 2020, the continuous rebound stage is actually not a simple supplementary trend. The strength can continue until the currency price exceeds the highest price in 2020.

Looking at the market performance of BTC, although the trading volume is insufficient, the number of BTC on the exchanges is constantly increasing, indicating that the market trading heat is increasing.

Looking back on the change trend of the number of BTC in Hot Wallet of top exchanges, the growth trend of the number of BTC  is very clear. In addition to suggesting that the selling pressure may increase, what is more important is that the trading heat of BTC has increased. At this time, it is a good opportunity for major investors to trade, so investors can watch BTC’s breakthrough performance. Before the breakout signal appears, the opportunity for strong price fluctuations remains to be confirmed.