QCP Capital Notes Trader Shift To Memecoins Such As DOGE And PEPE, Affirms ETH Accumulation As An Attractive Option
In Brief
Singapore-based cryptocurrency trading firm QCP Capital shared its latest analysis, noting a bullish sentiment surrounding ETH.
Singapore-based cryptocurrency trading firm QCP Capital has shared its latest analysis, observing that Bitcoin has maintained its position above the $67,100 level for the fourth consecutive time, continuing its consolidation within the range. However, the company pointed out the prevailing concerns within the cryptocurrency market regarding the additional Bitcoin release by the now-defunct cryptocurrency exchange Mt. Gox, which could generate selling pressure in October, potentially impeding further price increases for BTC.
Meanwhile, ETH could witness the potential benefits in the coming months due to the introduction of Ethereum spot exchange-traded funds (ETFs). The company noted a bullish sentiment surrounding ETH, with significant buying activity observed in 4,000/5,000 ETH call spread options towards the end of June.
Notably, the investment company BlackRock submitted an amended S-1 filing overnight, revealing details about the entity’s proposed fee structure. Other ETF issuers are expected to follow suit, with approvals from the Securities and Exchange Commission (SEC) anticipated in early July. As the market consolidates within a range, awaiting the introduction of spot Ethereum ETFs, accumulating ETH remains an attractive option, enabling holders to acquire ETH at a discounted rate, as noted by QCP Capital.
Analysts have also mentioned a shift in trader focus towards higher beta meme tokens such as Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE). These tokens have experienced double-digit gains ranging from 10% to 20% and are currently ranked in the top ten by open interest.
Bitcoin And Ethereum Prices Fluctuate Amidst Red Altcoin Trend
As of the writing time, prices of Bitcoin and Ethereum are displaying volatile movements, with altcoins also predominantly trading in the red. The overall cryptocurrency market capitalization has decreased by 1.43% to $2.52 trillion over the past 24 hours. Additionally, the total volume of the cryptocurrency market has seen a 10.16% decrease, amounting to $81.72 billion over the same period.
At the time of writing, Bitcoin is priced at $67,663, reflecting a 0.01% decline over the past 24-hour period. Its 24-hour lows and highs are recorded at $67,169 and $68,306, respectively, based on data from CoinMarketCap. Meanwhile, ETH is currently trading at $3,727, marking a decline of over 2.20% in the past 24 hours, persisting in a period of sideways trading. ETH’s lows and highs within this timeframe are recorded at $3,703 and $3,829 respectively.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
