Bitcoin Yet To Attain 2021 Highs while Some Other Tokens Revived

Bitcoin (BTC) continued its declines on Saturday to lows of $30,173 following the rejection off of the $35,500 on June 25th. As of press time, Bitcoin was trading at $31,695, still down by 1.26% on a 24-hour basis. As June draws to a close, the chances of Bitcoin ending the month with positive gains stay slim. Notably, Bitcoin ended the month of May down by -35.50% and has already posted losses of -15.34% four days to the end of June.

The month of July could see more selling pressure as this will see an unlocking phase for investors fund in the Grayscale Bitcoin Trust (GBTC). No doubt, ongoing concerns about regulatory crackdowns and environmental issues have also weighed on bitcoin’s price over the past few months. Despite all these bearish indications, Alex Mashinsky, Celsius CEO believes that Bitcoin may likely surpass the $100k mark to reach $160,000 this year, or possibly a bit lower. The CEO stated, “We haven’t seen the highs yet for 2021,”.

This may seem hard to believe due to the recent downtrends in the market. This reflection is seen in a recent poll conducted by the stock to flow (S2F) model creator in which 41% of the respondents believe that BTC prices would remain below $100,000 by the end of the year. This would invalidate the S2F model as the two iterations of the model variously call for an average BTC/USD price of $100,000 or $288,000 between now and 2024.

On the other end, Bitcoin’s selling pressure trickled into the Altcoins market, while most tokens traded down on a 24-hour basis. Selected tokens such as Terra (LUNA, +3.70%), Waves (WAVES, + 4.01%), XinFin Network (XDC, +4.65%), Celo (CELO, +17.24%), NuCypher (NU, +5.38%), Shiba Inu (SHIB, +1.89%), Conflux Network (CFX, +22.69%) were trading in green as of press time.

Why Celo, NuCypher, Shiba Inu Suddenly Revived Amid the Market Dip

Celo (CELO)
Celo climbed higher following a string of bullish news development. First was the news of Opera announcing support for Celo Stablecoins in its crypto wallet app. This implies that millions of users can now access Celo Dollar (cUSD) and Celo EURO (cEUR) with Opera’s built-in crypto wallet.

CELO/USD Daily Chart

Second was Deutsche Telekom’s T-Systems MMS running CELO blockchain staking for Andreessen Horowitz as a public validator. CELO has been gaining ground in its Bitcoin pairing since 22 June while also climbing higher in its USD pairing. Taken from June 22 lows of $2.01, Celo has rallied nearly 140%, reaching highs of $4.84 on June 26. At the time of writing, CELO was trading at $4.18.

NuCypher (NU)
NuCypher offers end-to-end encrypted data sharing on public blockchains and decentralized storage solutions. NU has been steadily declining after topping out at $0.65 on June 4.

The declines brought NU’s price to the support base of around $0.20 which always marked the bottom of its dip. NU has rallied from this key level on different occasions, therefore the slight increase seen on June 26 was no exception. At the time of writing, NU was trading at $0.22, having rallied nearly 35% to intraday highs of $0.27.

Shiba Inu (SHIB)
Shiba Inu’s social engagement rose by nearly 170% after Tesla CEO, Elon Musk tweeted on June 25 ”My Shiba Inu will be named Floki”. Shib reacted to the tweet by climbing slightly from lows of $0.00000691 to intraday highs of $0.00000754. 

Social Engagement, Courtesy: LunarCrush

SHIB remains in a tight range after topping out at highs of $0.0000399 on 10th May. Since the price can hardly sustain its rally without increasing hype (or social volume), whether the latest spike in social metrics will push up SHIB price remains yet to be seen. SHIB traded at $0.00000726 as of press time.

Image Credit: LunarCrush, Shutterstock