In June, Bitcoin traded sideways for the second month in a row, fluctuating between $30k and $42k, without a distinctive trend. While altcoins performed relatively better than BTC in the first five months of 2021, the recent market downturn caused altcoins to underperform in June and end the month with a loss of -14.71%.
When there is a significant downturn in the market, investors seek shelter in the crypto market’s safe-haven asset – Bitcoin. Consequently, altcoins suffered substantially higher losses compared to BTC in the previous month, and Bitcoin’s dominance rallied from a yearly low of 39.19% on 19 May to a monthly high of 48% on 23 June.
The Solidum Crypto Quant strategy performed better compared to the crypto market in the previous month. The market recorded a negative monthly performance of -14.71%, whereas the Solidum Crypto Quant strategy ended the month with a return of -7.97%.
By the end of June, the strategy was fully hedged in stablecoins.