Bybit surpasses Coinbase to become the 2nd best exchange by volume 🙏

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC has broken all it's AVWAPs, and also broke down of it’s crucial $60,800 support zone.

• The most important support zone to focus at on the higher time frames is at $ $56,700 to $57,700, which is a macro horizontal support and the 200 Day MA.

• So far, the price has respected this support level. Usually, buying in spot with a very long term perspective on the 200 Day MA has never been a bad idea.

• BTC dominance is approaching a support level at ~54%. Look for alts to slow down a bit if this support level is respected.

Fear & Greed Index drops to 18 month lows 🔻 

On June 25th, the Crypto Fear and Greed Index dropped to 30, its lowest in 18 months. Today, it's up to 40. This index measures market sentiment and falls into the Fear zone when between 24 and 50.

The decline is linked to fears over potential Bitcoin repayments by Mt. Gox, Germany & US Governments selling Bitcoin reserves, and outflows from Bitcoin ETFs.

The last similar low was on January 11th, two months after the FTX collapse, with Bitcoin at $17,200.

ByBit surpasses Coinbase ⚡️ 

Bybit has surged to become the second-largest exchange by volume, surpassing Coinbase, according to data from Kaiko.

Since October 2023, Bybit has doubled its market share from 8% to 16%, while Binance, although still the leader, has seen its share drop from 60% to 54%.

During the same period, Coinbase’s market share only increased by 1% despite reporting improved profits and revenue.

Bybit’s growing market share could partly be attributed to Binance’s past regulatory issues, causing it to lose market share in some parts of the world.

📕 Educational

• 5 Projects with Strong Growth in Fundamentals YTD 🚀

• 👉 Arbitrum

  - Active weekly users increased by 58.2% month-over-month.

  - TVL has quadrupled over the past two years.

  - 30-day fee revenue is up 4x.

• 👉 Solana

  - Surpassed $400 billion in lifetime DEX volume.

  - DePin market cap exceeds $4 billion.

  - 53% rise in DAUs month over month.

• 👉 Polygon

   

  - Daily active addresses: 1.4 million, surpassing Solana's 1.3 million.

  - Averaged 1.2 million daily active users over the past 4 months.

  - Growth driven by the mobile game Matr1x, contributing 350,000 DAUs.

• 👉 Ton

  - Surpassed ETH in daily active addresses.

  - DeFi TVL surged to nearly $700 million, a 46x increase since the start of the year.

  - 50% month-over-month increase in active developers.

• 👉 Banana Gun

  - Achieved highest-ever weekly fees of $2.293 million in early June.

  - User base tripled since January, growing from 65,000 to 195,000.

📊 Stats

📈 Chart of the day

• Bullish divergence on Daily & 4H RSI

• Macro Daily Horizontal support

• Daily Discount Zone

• Weekly Horizontal Support.

• Source : Cointraction 

🤣 Meme of the day

Accurate 🤣

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.