The end of June looked ready for a new bottom for the crypto market – but as of July 1, the market cap has held above $870 billion.
June 19th was the worst day in the crypto market since early January 2021. Just two weeks ago, the crypto market cap dipped under $800 billion. And this is just eight months after the crypto market was valued at $3 trillion and Bitcoin trading at $69,000.
But while new crypto investors may be spooked, on-chain data shows that more than 50% of Bitcoin addresses are still in profit. Analysts have noted that Bitcoin tends to drop 80% after reaching an all-time high – an 80% drop would take Bitcoin to $17,600, which means we're either hit or are very close to the bottom.
None of these means the bear market is about to end. Bitcoin analyst Benjamin Cowen said in an interview on InvestAnswers that he expects the bear market to end 'later this year'.
"If people are having a hard time buying gas, it's going to make it even harder for people to buy Bitcoin," Cowen said.
"I'm sort of seeing us finalize this bear market sometime this year and then enter into an accumulation phase kind of like we did in 2019 and in 2015 and then we just kind of slowly preparing for the next Bitcoin halving and at that point, you're likely looking at the Fed finally lowering interest rates and inflation hopefully coming back down if it already hasn't."
While crypto investors wait for the next bullish cycle, July 2022 is still a good time to buy crypto.
Many major cryptocurrencies are at their lowest prices in 18 months. Once the crypto market recovers above $1 trillion, it will be hard to get such good returns on investment again.
Below, we'll look at bullish reasons to buy Bitcoin, Ethereum, BNB, Cardano, and EverGrow Coin.
Bitcoin is trading at $19,600 today. While the Bitcoin price is volatile, it has found strong support at under $19,000 and has not stayed under such a low price for more than a few hours. With interest rates finally raised, and a lot of uncertainty removed, it's like Bitcoin will keep going up from here.
Ethereum gets bad press for its slow transaction speeds and high processing fees. But that's because it powers a huge amount of the crypto market – including the largest NFT marketplace by trading volume, OpenSea. When Ethereum finally completes The Merge to a proof-of-stake blockchain system (expected this summer 2022) this will be a catalyst for bullish investment.
BNB is trading at $222 today. The token powers the world's largest crypto exchange by daily trading volume – Binance – and is going from strength to strength in 2022. While Coinbase and Crypto.com and Bybit cut staff, Binance announced it was hiring.
Cardano has been fighting a battle with XRP and Solana for the 7th spot in the crypto market cap rankings. Today, it has flipped XRP again while putting $4 billion between Solana and ADA. Cardano will implement the anticipated Vasil hardfork this month, which could make predictions of Cardano becoming a major smart contract platform and NFT platform reality.
EverGrow Coin is the baby in this list – it only launched in September last year – but it's already become the top reflection token in crypto.
From a 14% transaction tax, EverGrow Coin has paid out more than $37 million in BUSD. When daily trading volume peaked in January at $12 million, EverGrow Coin was paying around $1 million in BUSD reflections every day.
BUSD rewards have fallen during the bear market to around $15,000 daily – but many investors are buying the EverGrow Coin dip at $0.000000137 to see amazing ROI when daily trading volumes pick up again. EverGrow Coin is also launching an NFT Marketplace – LunaSky – and a content subscription platform – Crator – to ensure greater exposure and volume when the bull market returns.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.