On Thursday, the overall cryptocurrency market experienced a slight increase. Bitcoin, after falling to a support level of $67,000 overnight, reversed its downward trend during the midday session and briefly reached an intraday high of $69,536.
Altcoins, on the other hand, showed mixed performance, with tokens ranked in the top 200 by market capitalization experiencing both gains and losses. NOTcoin (NOT) performed the best, surging 39.1% to $0.13, while JasmyCoin (JASMY) and DOG•GO•TO•THE•MOON (DOG) rose by 24.2% and 23.3% respectively. Meme tokens cat in a dogs world (MEW) and dogwifhat (WIF) experienced the biggest losses, dropping by 16.8% and 9.1% respectively, while Chiliz (CHZ) fell by 8.1%.
Currently, the total market capitalization of cryptocurrencies stands at $2.55 trillion, with Bitcoin holding a market share of 53%.
Meme tokens related to former President Trump experienced a general decline
In the meme token sector, meme tokens associated with former President Trump saw a general decline in response to the news of his indictment on multiple charges. On Thursday afternoon local time, a New York jury found Trump guilty on all 34 counts, including charges of falsifying business records, making him the first former U.S. president to be convicted. The judge set Trump’s sentencing date for July 11 at 10 a.m. Eastern Time, and all parties involved in the case can file motions by June 13.
Following this news, the lower-market-cap Trump meme tokens experienced significant declines. TRUMP plummeted 35% in the short term, and MAGA Hat (MAGA) dropped from around $15 before the verdict to $11.27 shortly after, a decrease of nearly 25% within just over an hour. As of writing this article, MAGA has rebounded slightly to $12.37. Super Trump (STRUMP) also fell by 16%, while MAGA VP (MVP) experienced a 22% drop within an hour.
Meanwhile, meme tokens inspired by current U.S. President Joe Biden, such as Jeo Boden, saw a short-term surge of 20%.
Nevertheless, traders on the blockchain prediction market Polymarket still predict that Trump will defeat Biden in the November election. As of the time of publication, Polymarket’s prediction of Trump winning the election stands at 56%, while Biden is at 38%.
Furthermore, according to an NPR/PBS NewsHour/Marist poll released on Thursday morning, nearly three-quarters of registered independents stated that Trump’s guilty verdict would not affect their vote. CNBC reported that Trump’s legal troubles would not prevent him from running for president, as the U.S. Constitution does not prohibit felons from holding the highest office.
However, it remains unclear what impact Trump’s criminal conviction will have on his presidential campaign against Joe Biden.
$69,000 is a key level for BTC
Cryptocurrency analysts believe that if BTC can effectively hold the key resistance level of $69,000, which was its record high in 2021, it will enter a price discovery phase.
Analysts at Secure Digital Markets warned that if the price falls below this level again, it could lead to a drop below $67,000, stating, “Breaking below this threshold may indicate further declines towards $65,000, in line with the 50-day moving average.”
Market analyst Bloodgood believes that during the two-and-a-half-month consolidation process, the price of Bitcoin has been hovering around the $69,000 level. He will wait for the personal consumption expenditure (PCE) report on Friday and the weekly closing price of Bitcoin before making further decisions.
CryptoQuant analyst Tarekonchain emphasized the “Market Value to Realized Value (MVRV) ratio,” claiming that it “can accurately signal tops and bottoms in Bitcoin’s price.”
Tarekonchain stated, “As long as the MVRV ratio remains below 2, it indicates a sustained accumulation zone, meaning the price is still below its fair value. In the previous cycles, peaks have always been reached when this indicator hit 3.5 or above. At these levels, we begin to gradually exit the market as it indicates a peak has been reached or is very close to being reached.”
They added, “Currently, the MVRV ratio is at 2.3, which means there is still significant upside potential for the price to reach Bitcoin’s fair value. Even in the event of a price decline, it presents a new buying opportunity. Exiting should only begin when the indicator approaches 3.”
Tarekonchain concluded, “This means we still have some distance to go before reaching a peak, and the price of BTC will set a new high in this cycle, possibly surpassing $100,000.”
Author: Mary Liu from BitpushNews
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Tags:
2023 market trends
JEO BODEN
MAGA
MEME
Polymarket
STRUMP
Trump
Altcoins
Biden
Bitcoin
U.S. election
Note: All articles by Bitpush represent the author’s views and do not constitute investment advice.
Original article link: https://www.bitpush.news/articles/6823283
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