Bitcoin Tumbles Below $60K as Memecoins Steal the Show: AMBCrypto Market Review for June

Bitcoin slid below the $60,000-mark on 24 June, for the first time since 3 May. The market seemed to have entered the fear zone, without any capitulation in sight.

Bitcoin dropped below the $60,000-mark on 24 June, for the first time since 3 May. This comes as the market seems to have entered the fear zone, according to IntoTheBlock data, with 84.38% of BTC investors making profits at the $61,156-level and 14.31% in loss. Some maximalists have opined that the bottom is in and the king coin is about to go on an upward streak.

However, as per AMBCrypto’s exclusive report for the month of June, Bitcoin’s upward journey might not be possible in the short term. BTC will find it difficult to breach the psychological mark of $70,000 throughout July. The report used various metrics and statistics-based observations to analyze the king coin’s future trajectory.

Memecoins took the lead in June, with traders enjoying more profits compared to Bitcoin holders, as observed in most trading sessions. To understand their winning strategies, AMBCrypto conducted an exclusive global survey where 7,259 memecoin investors participated.

As expected, the survey findings were quite insightful. Over half (53%) of the traders take a scattered approach, buying small amounts of many coins hoping for a big win. The rest (43.5%) are more cautious, researching coins before investing.

AMBCrypto also found that Dogecoin was the most favored memecoin in June. This was also supported by IntoTheBlock metrics, with Large Holders Netflow on 25 June standing at -293.66%, which indicates that in the past 30 days, outflows exceeded inflows, potentially suggesting a bullish signal and an anticipation of recovery.

Source: IntoTheBlock

Solana became the new leader in minting NFTs, surpassing Ethereum, according to AMBCrypto’s report. This suggests that users and developers are increasingly choosing Solana for creating NFTs.

Dive into AMBCrypto’s June Market Analysis

Explore memecoin investing strategies, analyze market trends, and review the performance of top cryptocurrencies in June. This comprehensive report covers critical topics including:

You can download the full report here.