Bitcoin slid below the $60,000-mark on 24 June, for the first time since 3 May. The market seemed to have entered the fear zone, without any capitulation in sight.
Around the $61,156-level, 84.38% of BTC investors are making profits as opposed to 14.31% who are in loss. In fact, some maximalists have opined that the bottom is in and the king coin is about to go on an upward streak.
Source: IntoTheBlock
However, as per AMBCrypto’s exclusive report for the month of June, Bitcoin’s upward journey might not be possible in the short term. BTC will find it difficult to breach the psychological mark of $70,000 throughout July. The report used various metrics and statistics-based observations to analyze the king coin’s future trajectory.
Memecoins take the lead
Interestingly, memecoin traders have enjoyed a more lucrative June, compared to Bitcoin holders, with profits seen in most trading sessions. To understand their winning strategies, AMBCrypto conducted an exclusive global survey where 7,259 memecoin investors participated. As expected, the survey findings were quite insightful.
Over half (53%) of the traders take a scattered approach, buying small amounts of many coins hoping for a big win. The rest (43.5%) are more cautious, researching coins before investing.
AMBCrypto also found that Dogecoin was the most favored memecoin in June. Metrics favored this narrative – Large Holders Netflow on 25 June stood at -293.66%, which simply meant that in the past 30 days, outflows exceeded inflows. This can be taken as a bullish signal and a sign of anticipated recovery.
Source: IntoTheBlock
AMBCrypto’s report also looked beyond memecoins to analyze other areas of crypto like DeFi, gaming tokens, and AI tokens. However, its most surprising finding was in the NFT sector.
The report revealed that Solana has become the new leader in minting NFTs, surpassing Ethereum. This suggests that users and developers are increasingly choosing Solana for creating NFTs.
Dive into AMBCrypto’s June Market Analysis
Explore memecoin investing strategies, analyze market trends, and review the performance of top cryptocurrencies in June. This comprehensive report covers critical topics including:
- Strategies to optimize returns for memecoin investors.
- Key factors to evaluate before investing in memecoins.
- Predictions on whether Bitcoin will surpass $73,000 in July.
- BTC’s potential decoupling from traditional finance (TradFi).
- Ethereum’s weakening correlation with Bitcoin.
- What makes Cardano short-term investors very bullish?
- Are AI tokens good for portfolio diversification?
- Should you sell all of your NFTs?
You can download the full report here.