Cryptodiary (06.06): a slight chance of reversal and an interest to stock tokens

June 6

​​​​​​​How is the cryptomarket today? What is behind the movement of tokens? We use into it in our daily heading.

In the first half of Wednesday's day the good situation for cryptocurrencies develops. Most tokens have overcome the correction and resumed their growth (its prerequisites they demonstrated last week).

The Bitfinex cryptoexchange crash that led to a sharp fall of the price of Bitcoin (BTC) for a couple of hours unexpectedly helped those people who managed to buy bitcoins in this short period. Immediately after the resumption of the work of the exchange the price of bitcoin rose sharply by as much as 3%. In a conversation with Bloomberg Businessweek the head of Nasdaq Inc. Adena Friedman said that digital money could become a financial component of the Internet that, together with the earlier assessment of bitcoin as a potential single world currency by Steve Wozniak, formed a positive news background for the first cryptocoin.

This rebound gave an impetus to the further growth. On average, for a day bitcoin went up by 2% and again exceeded the $7 500 mark that is a support level now and even rose to $7 600. An accident has helped to form a new ascending channel that is still in an unstable position. Now the price of bitcoin is in the middle of the channel and can face the resistance and roll back to $7 500. The further fall to $7 200 will mean another victory of the «bears». In this case it is possible to expect prices to return to the level of $6 000.

If the day trades close at the same level at what bitcoin is from last night with minor fluctuations, it can become the platform for the further growth. But it's too early to rejoice. Bitcoin is still suffering from the pressure of a strong downtrend and sell-offs from medium-term investors. Because there is no growth in demand, the sales are not offset by equivalent infusion of funds into the cryptoindustry. The cryptocurrency market demonstrates an instability and low trading volumes and therefore it strongly depends on the decisions of the small number of large investors. But they do not hurry to enter the market and wait for a clear regulation and proper custodial decisions, according to the co-founder of the cryptocurrency hedge fund Blocktower Ari Paul.

Altcoins began to grow after bitcoin. Ethereum (ETH) has added 1.88% and Ripple (XRP) − 1.50%. Bitcoin Cash (BCH) has grown by 4.1%. The beta version of the Cashpay wallet that allows paying purchases in Internet shops in this cryptocurrency has been available for it since yesterday.

The leader of the growth in the first hundred is the token of the largest cryptoexchange Binance − Binance Coin (BNB). Over the past day it has grown by 15%. It shows the tendency to increase over some period of time. The coin has more than doubled since the beginning of the spring. The creators of the first exchange token were helped by the fact that the benefits for its users were obvious right now (it can be used to pay commissions for transactions). The schedule of the BNB exchange rate suggests that its growth is not over yet.

The second in the terms of the growth from the first hundred is the Nexus (NXS) token. Its growth by 10% is due to the listing on Binance. Despite the warning from the exchange about the potential volatility of this asset, Binance continues to add promising altcoins. The news about the listing raised the coin rate by 18% per night but after that it underwent a slight correction. But the trading volumes of NXS remain low. The analysts predict that by the end of 2018 the coin rate may rise to $50 but now it can be regarded only as a conjecture on the basis of a single surge in prices that we observe almost every time when a new listing is made.

Huobi Token (HT) has lost more than all other tokens of the first hundred having fallen by 7.6%. The decline was strengthened by the pullback after its recent growth due to the news about blockchain-fund opened by the company.

The total capitalization of the cryptomarket is $342 billion, so the market has received a small but pleasant infusion of about $7 billion over the past 24 hours. We keep our hands on the pulse!

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1 comment
Алексей Захарчук
last year
Похоже, все же биткоину удалось переломить ход событий и снова пойти в стабильный рост. А за собой биткоин потянул и другие криптовалюты. Думаю если рост продлится еще 2-3 недели, то дальше цена на биткоин сильно подскочит, возможно даже превысит прошлый рекорд.


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