【Selected News on Cryptocurrencies】Bitcoin fell below $9,000 today but saw a short-term rebound, still within a range without a breakthrough.
Table of Contents
Table of Contents
Total Market Capitalization of Cryptocurrencies
According to data from CoinMarketCap, over the past week, the overall market capitalization of cryptocurrencies has remained relatively stable, fluctuating between $2,571 billion and $2,649 billion, with a fluctuation range of about 3% or less, indicating a relatively small volatility. Major cryptocurrencies such as BTC, ETH, BNB, EOS, XRP, etc., have shown no significant movements and even a downward trend. On the other hand, many Altcoins and DeFi concept coins have seen significant increases, becoming hot topics recently. As of now, the total market capitalization of cryptocurrencies is reported at $2,610 billion.
Bitcoin Dominance
According to CoinMarketCap data, the Bitcoin dominance is currently reported at 64.23%. In recent weeks, Bitcoin dominance has been gradually decreasing, dropping from its peak of 68.26% on 5/22 to the current 64.23% in less than two months. The decline is quite evident. It is uncertain when the dominance will reverse again. However, Bitcoin has shown significantly reduced momentum and volatility for over a month now, with no signs of this phenomenon changing.
Overview of Major Coins This Week
According to data from Binance exchange as of 7/6 8:00 AM:
ZMET Indicator Analysis
ZMET USDT PAIR has been reversing downward since 6/24 from a high point of 73%, and there are no signs of reversal yet. This indicates that more and more coins are deviating from their previous upward trend. Not to mention, Bitcoin has been in a large consolidation range for over two months now, currently at the lower end of the range, posing a risk of breaking below support. The current market situation is relatively polarized, with more coins falling out of the upward trend, while a few coins remain strong, such as the top 30 coins by market capitalization like LINK, VET, ADA, and recent hot DeFi concepts like TOMO, LEND, and REN. However, considering the gradual decrease in the indicator, gradually reducing holdings is crucial.
ZMET BTC PAIR has also started to reverse downwards on the daily cycle since 6/27. This reversal is not due to significant fluctuations in BTC prices, as Bitcoin has shown little volatility recently. Therefore, the reversal is caused by the coins themselves declining. Similarly to the USDT PAIR, gradually reducing positions is recommended. Bitcoin has been consolidating for too long, and significant fluctuations could occur at any time.
ZMET USDT PAIR Daily Cycle
ZMET USDT PAIR 4-Hour Cycle
ZMET BTC PAIR Daily Cycle
ZMET BTC PAIR 4-Hour Cycle
BTC Trend Analysis
For over a month, BTC/USDT has shown no clear direction, with highs not breaking 10,000 and lows not breaking 8,900. The overall trend is very sticky. In the past three days, the price has dropped below the $9,000 mark to $8,893, but this morning saw a 300-point rise, forming a long lower shadow, breaking through $9,200. However, the overall trend has not changed significantly, still in a consolidating phase. Similar to the analysis from last week, one can consider buying at the low points of $8,900 - $9,100 and taking profits at the high points of $9,300 - $9,400.
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