Crypto Assets Market Weekly Report: Bitcoin price approaches all-time high, analysts optimistic about future market

Recently, the Crypto Assets market has shown a positive trend, with Bitcoin prices nearing historical highs. Several market analysts hold an optimistic outlook for the coming week, expecting that new highs may be reached.

Market Overview

The U.S. market reopened after the three-day closure for Independence Day and the weekend, and market sentiment appears to be relatively tense. The U.S. stock market has recently reached new highs almost daily, reflecting investors' optimistic outlook on the global economic prospects. However, some believe that asset management companies' overly bullish stance on U.S. stocks may lead to overly concentrated market positions, which could exacerbate market volatility if negative news arises.

In the field of Crypto Assets, eight dormant Bitcoin addresses that had been inactive for 14 years were activated last Friday, transferring 80,000 Bitcoins, which triggered a brief market panic. Nevertheless, blockchain analysis firms believe this is more likely to be a technical wallet upgrade rather than a large-scale sell-off.

Bitcoin Price Analysis

Currently, traders are closely monitoring the price gap in the Bitcoin futures market. Analysts point out that the gap is located around $107,570, which is often seen as a potential price retracement target. Regarding the future market direction, analysts have provided different expectations:

• Analysts expect that Bitcoin may reach an all-time high this week; if it breaks the current price level, it could quickly rise to the range of $118,000 to $120,000.
• Another analyst reminded to pay attention to the support below, believing that if it falls below $107,800, the price may retreat to the range of $107,208 to $106,275.
• Analysts also suggest paying attention to whether the support around $106,000 can hold.

Ethereum Market Outlook

A well-known crypto assets trader stated that he is optimistic about Ethereum's performance this week. He pointed out that since the market adjustment in April, Ethereum's market positioning and momentum have changed significantly:

1. The ETH/BTC ratio has reached a multi-year low of 0.018, with market positions significantly reduced.
2. Ethereum is seen as the preferred infrastructure and stablecoin bet by institutions and traditional finance.
3. Ethereum accounts for over 90% of the total value locked (TVL) in stablecoins.
4. As the United States promotes regulations related to stablecoins, Ethereum is expected to continue being a major public blockchain, attracting more institutional attention.
5. The price of Ethereum still has significant room for catch-up compared to Bitcoin.

The trader believes that if Bitcoin breaks through $110,000, the crypto assets bull market may restart, while Ethereum usually performs strongly during this period.

Performance of Other Crypto Assets

In the altcoin market, the BONK ecosystem projects are performing remarkably well:

• The token issuance platform LetsBONK has surpassed its competitors in several metrics for the first time, with its token price doubling and market capitalization reaching 11.5 million USD.
• BONK token has surged over 16% in the last 24 hours, with a total increase of 60% in the past two weeks.
• The project USELESS once had a market value exceeding 300 million USD, currently stabilizing around 280 million USD.

At the same time, the tokens related to the announcement of a new political party established by a well-known entrepreneur have also attracted attention, with a 24-hour trading volume of 28.8 million USD and a market capitalization of 5.6 million USD.

Key Market Data

As of July 7, 12:00 HKT:

• Bitcoin price: $109,165 (Year-to-date +16.58%)
• Ethereum Price: $2,575.46 (Year-to-date -22.97%)
• Market Sentiment Index: 52 (Neutral)
• Bitcoin market share: 64.5%
• Ethereum Market Share: 9.2%
• Total liquidation amount in 24 hours: 182 million USD

Future Outlook

As the market continues to strengthen, investors should closely monitor the following factors:

1. Can Bitcoin's price break through historical highs and remain stable?
2. The continuous development of Ethereum in the stablecoin and DeFi fields.
3. Changes in the Attitude of Institutional Investors Toward Crypto Assets
4. The impact of the global macroeconomic situation on the crypto assets market

Overall, although there may be fluctuations in the short term, most analysts remain optimistic about the medium to long-term prospects of the crypto assets market.