The derivatives regulator directly regulates crypto futures and has an enforcement reach into fraud and manipulation of spot markets for the trading of non-security crypto assets. It’s expected to have a wider future role as an industry watchdog, but bills that would enhance its authority haven’t yet moved through Congress.
According to the Ordinals Market website, Ethereum-based NFT holders can burn their tokens and inscribe them onto a satoshi on the Bitcoin network. Once inscribed, the tokens will automatically appear on a custom Ordinals Market collection page with complete metadata.
The S&P 500 index, a key barometer of U.S. equities, stood at 4,151 points at the closing bell on May 29, showing a year-to-date (YTD) percentage growth of 9.15%, standing at odds with the growing inflation and potential recession.
In parallel, the crypto market, as measured by its total market capitalization, witnessed substantial oscillations, ending the month at a commanding $1.16 trillion. Despite periodic downturns, the overall YTD growth rate for the crypto market stands at an impressive 45.3%.
However, the S&P 500’s performance doesn’t illustrate actual market conditions. A closer look reveals the disproportionate influence of tech behemoths Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla — which form a significant portion of the index’s total market cap — on the index’s overall performance.
The combined market capitalization of these stocks has increased by $3.16 trillion, representing a 46% YTD growth rate.
When these companies are removed from the YTD performance calculation, the S&P 500 paints a different picture, with the YTD percentage growth dropping to just 3% and indicating a highly skewed dependency on these entities for its robust performance.
However, the crypto market is also dominated by a significant player: Bitcoin. As of May 23, 2023, Bitcoin alone accounted for $542.7 billion of the total crypto market cap. Its sheer size and influence often overshadow the performance of other cryptocurrencies in the market.
In fact, Bitcoin’s dominance stands at approximately 46% of the entire crypto market cap, reflecting its standing as the original and most widely adopted cryptocurrency. The figure significantly shapes the crypto market’s dynamics, illustrating Bitcoin’s resilience and growing popularity.
When we exclude Bitcoin’s market cap from the total, the remaining crypto market cap comes to $617.3 billion, indicating a lower YTD growth rate of 29.1% for the rest of the market and highlighting the significant impact Bitcoin has on the overall crypto market growth.
Comparing the performances of the S&P 500 and the crypto market offers insightful parallels. Both are highly concentrated, with select entities massively influencing their respective market caps. This disproportionate influence points to interesting considerations regarding the diversity and resilience of these markets.
However, the resilience shown by the crypto market, even amidst a global crisis, underlines its potential as a formidable contender against traditional markets.
As we continue to traverse through 2023, the unfolding performance of these markets will unquestionably remain under the lens, making for an intriguing observation for market watchers and participants.
Top 5 altcoins to watch in the crypto market in June 2023: Optimism (OP) will undergo a Mainnet network upgrade. Vega Protocol (VEGA) will greatly reduce its inflation.DSLA Protocol (DSLA) will launch its testnet. The Sandbox (SAND) will conduct a massive land sale.WhiteBIT (WTB) will start trading on Bitfinex on June 1.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). Below, five altcoins with positive developments lined up in June are analyzed to assess their potential.
Optimism (OP) Initiates Network Upgrade
Market Cap: $516 million
The official date for OP’s Mainnet network upgrade is set for June 6, 2023. The upgrade is a hard fork and will take between 2-4 hours.
The OP price has fallen since its yearly high of $3.24 on Feb. 24. The decrease caused a breakdown from the $1.85 horizontal area and led to a low of $1.48 on May 12.
Even though the price has failed to reclaim the $1.85 area, the RSI has generated a bullish divergence (green line). Moreover, the price has seemingly created a double bottom pattern.
Since bullish divergences often lead to bullish trend reversals and the double bottom is considered a bullish pattern, the OP price will likely initiate a bounce toward the $1.85 region.
However, if it fails to do so, a decrease to the next closest support at $1.40 will transpire instead.
Vega Protocol (VEGA) Begin Growth Phase
Market Cap: $78 million
The VEGA staking rewards have decreased since November 2022. However, the rate of decrease has been very gradual in 2023. This will change on June 12, when VEGA enters its growth phase.
In it, staking rewards will be greatly reduced, in turn also reducing inflation.
The VEGA price is attempting to find support above $1.55, a level from which it previously broke out. If it is successful, the price can increase to $2.40.
However, if VEGA breaks down, it could then fall to $1.10 instead.
The Sandbox (SAND) Conducts Land Sale
Market Cap: $1,033 billion
The Sandbox will conduct its much anticipated “Hallyu Rising” land sale between June 8 and 12. The registration raffle will end on June 7. The SAND price has fallen under a descending resistance line since Feb.8.
The decrease seemingly caused a breakdown from the $0.52 horizontal support area.
However, the price regained its footing and reclaimed the area on May 28. This bounce was preceded by a double-bottom pattern and bullish divergence in the RSI. Hence, the price action was almost identical to that of OP.
If the SAND price breaks out above the current pattern (black line), the next resistance will be at $0.70.
However, another rejection could lead to a drop below the $0.52 area, the price could then fall to $0.40.
WhiteBIT (WBT) Price Gets Listed on Bitfinex
Market Cap: $296 million
WTB will be listed on Bitfinex on June 1, while withdrawals will begin the next day. This is a massive step forward for the token since Bitfinex is by far the largest exchange it is listed on.
The WBT price has increased gradually since the beginning of February, when it ended a massive drop that began in November 2022. On March 17, the price moved above the $4.40 resistance area and validated it as support afterward (green icon).
If the increase continues, the next resistance will be at $7.50. However, if WBT closes below $4.40, it could fall to $3.20.
DSLA Protocol (DSLA) Concludes June Altcoins
Market Cap: $10 million
Concluding the June altcoins to watch is DSLA Protocol. The DSLA price has fallen since reaching a yearly high of $0.0041 on April 7. The decrease led to a low of $0.0015 on May 11.
However, the price bounced afterward, validating the $0.0016 horizontal area as support.
DSLA Protocol will launch its Testnet on June 13. So, it is possible that this will cause an upward movement, supporting the continuation of the bounce. In that case, the DSLA price could increase to the next resistance at $0.0028.
However, if the price closes below the $0.0016 area, it could fall to $0.0007.
For BeInCrypto’s latest crypto market analysis, click here.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
on September 19,2021, Viper Goods Company, a US-based cross-border warehousing services company, established its board of directors according to the reports. On the same day, the Board of Directors voted unanimously to approve the proposal by CEO Sebastian j. Gunningham to transform the company into anew retail cross-border e-commerce platform, thus officially launching the Cacashop project.
The establishment of Cacashop business system will be under the full responsibility of Mr. Sebastian j. Gunningham. The establishment of the board of directors will better clarify the division of responsibilities of the management team and provide more favorable capital transition and expansion conditions for the establishment of system of anew retail cross-border e-commerce platform .
The Board of Directors highly recognized the company's business exploration, research and development innovation, and affirmed the company's performance in the past year. The meeting passed more than ten proposals, Including "Division of responsibilities of the Board of Directors (tentative)", "Report on the work of the Supervisory Board", " Transform into anew retail cross-border e-commerce platform", "Financial budget for 2021-2022" and so on, to fully prepare for the layout of future e-commerce development direction.
In early April 2021, online shopping was once again booming as a result of COVID-19, and Sebastian j. Gunningham was keenly aware of the gaps in the cross-border e-commerce market and the huge benefits it could offer. Viper Goods Company conducted extensive market research and integrated the company's existing business systems to build a business viability test model.
Commodity storage: The company controls the channel of cross-border good products at a rock-bottom price, and signs storage agreements with overseas brands and manufacturers. The brands or manufacturers produce cheap and good quality goods, store them in the company's warehouse through cross-border logistics , and entrust Viper Goods with the sales channel.
Sales channel: Viper Goods establishes anew retail cross-border e-commerce online shopping platform, and gets the traffic of shoppers by customizing advertising and promotion to target people and cooperating with them. For sellers certified by the platform, commodity warehouse provides any one item can be shipped by the platform for the service, sellers do not need to pay the high cost of purchasing goods in advance, which eliminates the high bulk purchase and storage costs of traditional e-commerce platforms and reduces the threshold and risk for sellers. For buyers, they can buygood foreignproducts at a rock-bottom price online.
The results of the business feasibility test model showed that it would be a logical and highly feasible project to transform the business within Viper Goods Company's existing business system. As a result, the company began to propose a future direction for the business model and initiated a number of preparatory activities, with cacashop.com entering the preparatory phase. In the first fiscal year of Viper Goods Company's Board of Directors meeting, the company's future direction was established and the proposal to transform the business into anew retail cross-border e-commerce platform was unanimously approved.
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“No one contests that the Trustee requested an examiner here or that the debtor’s fixed, liquidated, unsecured debts, other than debts for goods, services, or taxes, or owing to an insider, exceed $5 million,” Connolly’s ruling said, adding that all that remains is a legal question – whether the bankruptcy code compels an independent probe.
Canto is a blockchain that was designed for DeFi services like lending, staking and liquidity provision. Since its inception, it has seen a total of $591 million bridged from Ethereum’s mainnet, but that figure has stagnated over the past month as daily inflows struggle to top $3 million versus more than $20 million seen earlier this year, according to data from Dune Analytics.
Digital asset investment products have experienced six consecutive weeks of outflows, totaling $272 million, according to a May 30 report from CoinShares. This negative sentiment reflects the broader market trends, with investment products being more active than the overall digital asset space.
The report highlighted that Bitcoin experienced a decline of $11 million, remaining the focal point of the outflows. Short-Bitcoin saw a more dramatic reduction, constituting 36% of the total assets under management (AuM).
Altcoins, which had previously been insulated from the negative sentiment, also faced outflows, with Algorand experiencing a 65% drop in its AuM and Ethereum seeing a $5.9 million outflow). Simultaneously, blockchain equities observed minor outflows totaling $3.4 million.
Broader market issues underpin outflows.
The futures contracts market is also impacted, as volumes dropped to their second-lowest point this year, amounting to 767,000 BTC or roughly $20 billion
Binance, which holds about 66% of futures volume contracts, saw trade volume dropping by roughly $10 billion in the past 24 hours. The realized price of Bitcoin reached a high of $20,180, possibly influenced by the debt ceiling decision and $118 million worth of liquidations.
Despite facing options expiry pressure, Bitcoin and Ethereum showed resilience on May 26, with more than $2.2 billion worth of options expiring for Bitcoin, with prices recovering over 5% since.
Ethereum also witnessed a significant options expiry of a notional value of $1.3 billion. The market anticipates an even more significant notional value of over $3 billion in options expiry for June, with a max pain price of $24,000.
The digital asset market faces headwinds amid ongoing outflows, particularly in Bitcoin and select altcoins. This negative sentiment is influenced by various market factors such as futures contracts decline and anticipated rate hikes.
Broader market & macroeconomic issues
Moreover, as the crypto markets have yet to decouple from traditional assets entirely, the broader context of the current market may have a knock-on effect on crypto. For instance, the S&P 500 and Nasdaq Composite experienced significant gains in 2023, driven primarily by tech stocks.
However, the combined market cap of all other S&P 500 companies has declined by 3%, while Bitcoin is up 68% and Ethereum is up 60%. Market anticipation for a 25-basis point rate hike in June is also significant, as PCE inflation surpassed expectations. It is important to remember that Bitcoin has not previously faced fiat currency inflation of this magnitude.
Furthermore, if a potential recession or depression were to occur, it would mark a new experience for Bitcoin, emphasizing the need to comprehend the relationship between traditional finance and cryptocurrencies.
Ultimately, digital assets have shown resilience in the face of options expiry pressure, persistent outflows, and rising inflation over recent weeks, indicating the potential for recovery in the future.