The cryptocurrency market is at a pivotal moment this week, with several significant developments on the horizon. Here are the top 5 cryptocurrencies worth paying attention to in the coming days.

#1 Bitcoin: testing critical price levels

The recent drop in the Bitcoin price below $61,000 has caused a wave of fear and uncertainty. The cryptocurrency is currently trading in the so-called gold pocket, a critical Fibonacci retracement level that often indicates significant market reactions.

Daan Crypto Trades (@DaanCrypto) highlighted the importance of this level, stating: “Bitcoin has reached the golden pocket Fibonacci retracement level. If there are bulls left who want to take this to a higher low, this is the place. A rebound should lead to a retest of the mid-range ($66,092), and failure to do so will likely lead to a retest of the lower-range ($59,095). Level by level.”

James Check (@Checkmatey), a renowned network analyst, further contextualizes the current market dynamics by pointing out that Bitcoin’s sell-side risk ratio has peaked, pointing to a potential turning point: “Bitcoin’s sell-side risk ratio has reached levels signaling that it’s time on market movement. All profits that were supposed to be realized have been taken away. Same with losses. The market needs to find a fresh price range to fuel the fires of fear, greed, panic and euphoria. This suggests that Bitcoin may soon enter a fresh phase of price discovery, influenced by market sentiment.

Additionally, prominent cryptocurrency trader Wolf (@IamCryptoWolf) provided another reason for optimism about Bitcoin’s recovery, predicting a rebound from current support levels to all-time highs: “BTC reached 62k as expected. dollars. As I predicted, market sentiment has become extremely bearish at the moment. Who would have thought of that 10 days ago, huh?

#2 Ethereum: exchange-traded funds on the horizon

The push for Ethereum-based ETFs in the United States has gained momentum, with key players such as VanEck, BlackRock, Grayscale and Invesco Galaxy Digital revising their S-1 proposals to the SEC last Friday, June 21. Notably, VanEck has set a competitive management fee of 0.20%, very close to Franklin Templeton’s 0.19%. This competitive pricing strategy may put pressure on other fund managers, including BlackRock, to maintain or reduce their fees in order to remain competitive.

Approval of S-1 forms is a crucial last step before funds are released. Balchunas forecasts that these funds will debut in early July, coinciding with the week leading up to the US Independence Day on July 4.

#3 Explosion: Ethereum Layer-2 Scaling Solution and Token Airdrop

Blast, emerging as a significant layer 2 Ethereum scaling solution, is set to expand its market presence with its token launch and end-to-end airdrop on June 26. NFT marketplace founder Blur, who also heads Blast, designed an pioneering rewards system that awards Blast Points and Blast Gold to users and developers in the ecosystem.

The airdrop distribution strategy deserves special attention. Half of the token airdrop will be allocated to developers via Blast Gold. The other half will be distributed to early adopters. This approach aims to balance incentives between developers who improve the platform and users who contribute to its ecosystem through engagement and transactions.

“Dapps must distribute all gold and points to users by June 25 at 8 a.m. EST for them to be counted. ​ If you are a User and your EOA has Points or Gold, you must log in to the Blast dashboard with that EOA at least once (either by receiving an invitation or by linking it to an existing account) for it to be included in the airdrop calculation” – Blast Team announced a few days ago.

#4 TRUMP AND MAGA: Cryptocurrency Volatility Amid Political Debates

The upcoming US presidential debate on June 27 between Joe Biden and Donald Trump could bring volatility to politically connected memecoins such as TRUMP (MAGA) and Jeo Boden (Solana-based BODEN).

The 90-minute debate, hosted by CNN’s Jake Tapper and Dana Bash, will be held without a studio audience at the request of Biden’s team, moving away from customary debate formats. To prevent disruptions, Biden’s team obtained permission to mute candidates’ microphones when it was not their turn to speak, which the Trump campaign agreed to.

The value of political, TRUMP and MAGA memecoins may fluctuate significantly depending on the outcome of the debate.

#5 Litecoin: Expectations for the 2024 Litecoin Summit

The Litecoin community is looking forward to the Litecoin Summit 2024, scheduled for July 24-25 in Nashville, Tennessee. The summit agenda is packed with sessions that will discuss the latest developments in Litecoin technology, regulatory issues and market dynamics.

One of the most anticipated updates the summit will discuss MimbleWimble Extension Blocks (MWEB), presented by developer David Burkett. This update is crucial as it addresses Litecoin’s privacy and scalability improvements. Charlie Lee, founder of LTC, will discuss the “state of the chain.”

At the time of publication, the BTC price was $60,790.

Featured image created with DALL·E, chart from TradingView.com