The crypto market likes to pretend it’s distributed until the bluechip crypto takes off. Then suddenly everything dances in harmony.
Data from CoinMarketCap shows that the top eight crypto assets by market capitalization: BTC, ETH, XRP, BNB, SOL, DOGE, TRX, and HYPE command a combined valuation of $1.71 trillion. With the entire crypto market being close to $2.17 trillion, these factors are driving the entire industry.
And two names still run the show. BTC accounts for 57.8% of the market while ETH holds 9.8%, giving the pair a huge leverage whenever they want to make a move.
June’s Support Sessions Became a Battle for Bluechip Crypto’s
The beginning of June produced a very important test for the bluechip crypto market. BTC established support near $59,249. DOGE earned an average of $0.078, The price of BNB shares settled near $557, XRP settled down around $1.05, while SOL defended $60.
TRX held support at $0.31, HYPE defended the $52.99 area, and ETH built demand near $1,559. The fun part came later.
Four Goods Refused to Break
At the end of June, BTC, DOGE, BNB, and XRP briefly broke below those initial areas, suggesting that the selling pressure was not strong at that time.
But in SOL, TRX, HYPE, and ETH they told a different story. The stock fell in June, indicating that buyers were willing to accept the product despite the volatile market.
July Momentum Begins to Spread
With BTC rising nearly 9% in the last four days at the beginning of July, the rest of the bluechip complex is beginning to respond.
If the rally continues, BTC can return to $67,050 which is in the middle of June, while DOGE can follow $0.091, BNB $630, and XRP $1.30, which is also the peak in mid-June.
Meanwhile, SOL has already retraced its June highs of around $75, which could pave the way to $98 now. TRX may look at $0.37, HYPE at $76 and possibly above $80, while ETH may need $2,395.
In addition, the rise in 24-hour addresses on several networks since mid-June shows that user participation has started to improve along with prices. About bluechip crypto assetsthat combination becomes important.
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