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 Crypto Market Bleeds: SOL Crashes 11.9%, ETH Stands Strong!

The crypto market is experiencing heavy sell-offs, with $SOL leading the losers, down 11.9%. Major altcoins like $XRP (-6.51%), $DOGE (-9.23%), and $LINK (-7.13%) are also struggling, reflecting broad bearish sentiment. $BTC has dropped to $95.5K (-1.56%), showing weakness below key resistance, but ETH is holding up well, gaining 4.13%. Some bright spots include $LEO (+2.05%), and $DOT (+0.89%), but overall, most assets are in the red. The bloodbath follows the recent Bybit $1.5B hack and growing uncertainty around macroeconomic factors. With BTC failing to hold above $98K and SOL making lower lows, caution is advised. A continued breakdown could push the market into deeper corrections, especially if BTC loses $93K support.

Cryptomarket Overview

In the past week, the cryptocurrency market has seen significant developments, influencing both investor sentiment and market dynamics. Polkadot $DOT , a notable Ethereum rival, has accelerated its spending, utilising $87 million worth of DOT tokens in the first half of 2024, as detailed in a recent treasury report. This expenditure, focused on marketing, outreach, and software development, marks a more than 125% increase from the prior six months. Polkadot’s aggressive spending strategy aims to boost its ecosystem, but raises questions about the sustainability of its treasury, which stands at $245 million.

$ETH continues to dominate the Layer 1 blockchain sector, holding 62% of the $695 billion market cap for smart contracts and commanding 70% of Layer 1 revenue. Despite narratives suggesting a decline, Ethereum’s DeFi total value locked (TVL) has doubled in 2024, maintaining its top position. However, $SOL has made notable strides, particularly in economic activity and validator revenue, occasionally surpassing Ethereum in specific metrics. Analysts point out that Solana’s growth is largely driven by speculative assets like memecoins, raising concerns about the sustainability of this trend.

Ether’s options market has shown a bullish bias ahead of the anticipated mid-July ETF launch. Traders are positioning for ether strength, mirroring the trend seen with Bitcoin ETFs earlier this year. This optimism is tempered by the SEC’s ongoing scrutiny of Ethereum’s staking protocols, with recent lawsuits against Lido and Rocket Pool highlighting regulatory challenges.

Finally, the crypto market has seen a significant increase in liquidity, surging 50% in the first half of 2024 compared to the previous year. This growth, fueled by the approval of Bitcoin ETFs, underscores the increasing institutional adoption and evolving market landscape.

Crypto Market Update: June 2024 Highlights

June was a turbulent month for the crypto market, with Bitcoin ($BTC) falling 23% to $54,211. Ethereum ($ETH) also declined to $2,897.97. Industry highlights include record Bitcoin ETF inflows, Polkadot’s $DOT fund management, and new Chainlink ($LINK) partnerships.

Explore our detailed market analysis and insights on our blog.

Read more HERE

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These are the buy and hold returns from April 1 to the present. 

I provide this information to help you see the extent of the decline resulting from the black swan event last night and the night before and compare its impact from the opening of the month. 

You can evaluate this discounts in relation to your investment as this is an appropriate opportunity to buy discounts as in Mid of last March.

It is always better to invest in a passive index with objective rules and no survival bias.

You can review the components that my indexes possess periodically and compare your performance with my indexes that objectively organize the cryptocurrency market according to the method of your investment, or use them to form your own strategies or customize your investment and increase your understanding of developments in the crypto market.

I'm a momentum investor, I buy winners and sell losers here.

The winner remains a winner and the loser remains a loser.

But you can benefit from this information according to your strategy if you are buying dips.

Blockchain Infrastructure sector ex-$ETH

$SOL

$ADA

$AVAX

$DOT

$MATIC

$ICP

$NEAR

$APT

$STX

$ATOM

$ARB

$HBAR

$OP

$INJ

$FTM

$TIA

$SUI

$SEI

$ALGO

$FLOW

From yesterday's closing price until the highest price in the past 50 days.

It is suitable to start buying the current dip

The average is more than 30.61%.

HUGH MATH INDEX PERCENTAGE

$BTC 13.15%

$ETH 16.30%

$BNB 11.98%

$SOL 8.72%

$ADA 23.04%

$DOGE 46.92%

$AVAX 15.10%

$LINK 26.35%

$DOT 22.90%

$MATIC 23.98%

$SHIB 80.62%

$UNI 41.72%

$ICP 38.71%

$ATOM 21.72%

$IMX 31.74%

$APT 17.97%

$FIL 39.28%

$NEAR 33.93%

$HBAR 26.31%

$OP 36.92%

$INJ 30.24%

$VET 35.98%

$LDO 48.80%

$CRO 39.59%

$TIA 53.86%

$RNDR 23.76%

$GRT 35.12%

$ARB 37.14%

$SEI 26.69%

$MKR 3.92%

$SUI 28.03%

$RUNE 40.27%

$EGLD 29.55%

$QNT 19.49%

$AAVE 29.57%

$GALA 45.20%

$SAND 32.13%

$AXS 30.26%

$CHZ 26.22%

$MANA 31.26%

⚫️ Hugh Math Index

The HMI is a broad-based Index for the cryptocurrency market designed to measure the overall growth of the cryptocurrency market by tracking the performance of a large of crypto assets picked to represent the broader cryptocurrency market.