Throughout June, the crypto market tried to recover and get back on its feet. Within a few days, Bitcoin managed to trade in the green. On most other days, however, it was rejected and there was blood on the streets.
Feeling revealed that the average returns for a trader over the past 30 days had noticed an increase for top coins. Ethereum and Binance Coin led the way, while Bitcoin lagged. The same was visible using the MVRV indicator.
As such, this ratio takes into account the market capitalization of an asset relative to its realized capitalization. This helps assess the profitability of the market and gives an idea of fair value. With Ethereum and Binance Coin already in positive territory, it can be inferred that they are trading above their intrinsic value. However, Bitcoin remains undervalued and therefore investing in Bitcoin is the least risky right now.
Bitcoin
From June 8 to July 7, Bitcoin lost 33% of its value. In the said process, it lost over $10k by dropping from $31k to $20k. The upcoming weekly close remains crucial in determining which direction the asset’s price will go.
With the ongoing sales bias, Bitcoin has a relatively high chance of falling into the $17.5k to $18k bracket. If bears continue to dominate, the price could drop to $15k. On the downside, the immediate upward target remains at $23.3k. By claiming the same, it would move towards $32k provided it passes the test at around $26.5k.
Read more: 2nd largest US Bitcoin ETF is short BTC; Is $15k straight forward?
Ethereum
Last month around this time, Ethereum was trading at $1.8k. After shedding nearly 35% of its value, it is now trading around $1.1k. The current weekly candlestick remains green, but sell orders have been increasing lately.
Read Ethereum’s serums 10% Rally Can Be Short – Here’s Why
So if the same holds true, traders can expect Ethereum to drop to $1.03k or $887. If neither level is held, the next weekly support, around $680, would come into play. If bulls hit the market over the weekend, it can be expected to rise as high as $1.4k. If the bullish sentiment continues, the doors to $1.8k will open again.
Binance Coin
Binance Coin has lost significantly less value than the alt-king and king-alt. In the past 30 days, it fell from $290 to $237, translating into a drop of about 20%.
Nevertheless, Binance Coin has religiously followed the directional bias of the leaders. So if the market goes down, it keeps going down; if the market recovers, it will be carried away. As for the targets, traders may want to keep an eye on $204 in a bearish scenario. If the said level is lost, BNB would likely record a free fall to $130 to accumulate liquidity. If the market marks a bullish weekend, it could gradually reach USD 254 and USD 294.
Read more: 100,000 Binance Coin Burned Since BEP-95; Will the price capitalize?
So, exactly one month ago, if you invested $100 each in Bitcoin and Ethit’dm, it would be worth about $67 and $65. The $100 of BCoin’s Coin would have depreciated to just $80.