Crypto World Report:
$510 Million Liquidated Across the Market in the Past 24 Hours
Bitcoin experiences intense volatility, turning the market landscape upside down! According to Coinglass data, the total amount liquidated across the cryptocurrency market surged to over $580 million in the past 24 hours, doubling from yesterday and leaving over 216,000 investors in losses.
1. BCH
Bitcoin Cash (BCH) surged 143% in six weeks, soaring from $260 to over $600 before a pullback. On the weekly chart, BCH exhibited a “shooting star” pattern, struggling to sustain above $500.
Recently, BCH retested the crucial $350 level or the 50-day Exponential Moving Average (50D EMA). However, strong buying pressure swiftly propelled BCH prices upwards. This successful reversal reflects significant latent demand and hints at a morning star pattern forming from the weekly golden cross.
With bullish momentum continuing to strengthen, BCH is currently targeting the $600 level. Market sentiment suggests the altcoin’s price may reach the $700 threshold.
2. PEPE
Inspired by popular memes, Pepe has garnered attention for its community-driven approach and viral potential. By late May 2024, Pepe reached a historic high of $0.000017 per unit but subsequently declined as bullish momentum weakened. Within just a year of its launch, Pepe swiftly became the third-largest memecoin with a market capitalization of $4 billion.
We believe PepeCoin can attract public interest and speculative trading, leading to substantial price increases. Since its inception, Pepe has seen a staggering growth of 16,590.05% in market value.
With a breakout above $0.00001718, if the overall market recovers and bulls drive prices above $0.000030, Pepe could potentially hit new highs. Theoretically, during this bull market, we forecast Pepe could reach a psychological threshold of $0.000070.
3. ENS
Ethereum Name Service (ENS) has recently made headlines. ENS is a decentralized domain name service built on the Ethereum blockchain, aiming to simplify the use of lengthy and complex blockchain addresses by providing human-readable names. Since its launch, ENS adoption and usage have steadily grown, becoming a critical component of the Ethereum ecosystem.
Since December 2023, ENS has shown strong performance, rising from $8.81 to $30, marking a gain of over 185%. It is expected to potentially reach a historic high of $85.69 this year. We believe the demand for ENS will grow as more institutions like BlackRock begin using Ethereum, making it a valuable asset.
Providers of cryptographic naming services recently announced ENSv2. According to their blog, the upgraded version aims to enhance affordability, flexibility, and scalability of ENS. The announcement in May has had a significant impact on market prices, though developers have not disclosed the exact release date for this upgrade.
4. ONDO
ONDO’s price has been consolidating over the past two weeks, with the $1.07 support level tested multiple times. While the meme coin has yet to break below this support, whale activity could potentially achieve this.
However, support from retail investors may prevent such a scenario, resulting in a bounce from this support level. The likely outcome could be continued consolidation for ONDO.
This has left other investors who seek to prevent significant price drops dissatisfied. Retail investors have been focused on hodling rather than selling for any reason. Evidence of this is the increase in medium-term holders (holding supply for over a month), rising from 34% to 72% of circulation. Meanwhile, short-term holders inclined to sell have lost dominance, declining from 53% to 22%.