What cryptomarket trends will determine the picture for the week’s end? We will try to straighten it out in our daily column.
The cryptomarket has suffered another correction having lost about $6 billion. Considering the general volatility this fall could be seen as moderate.The main coins have up to %5 on the average, the price remaining in a narrow corridor awaiting for significant news.
Bitcoin (BTC) has lost 1,3% and is revolving around $7600 and $7700 nearing the lower border at the moment. Meanwhile Charlie Bilello Director of Research for Pension Partners investment company noted that bitcoin hasn’t renewed its maximum for 173 days since mid-December when it reached the price of $20 000. All we can say is that we «congratulate» bitcoin with a half-year stagnation jubilee. Also it is noted that this is the longest period without new maximums since end of August 2016. Nevertheless it seems that the price has established in the current corridor firmly enough. Despite the price volatility favourable news background for bitcoin has been formed by word about the possibility of cryptocurrency ETF establishment. On Wednesday American VanEck investment company jointly with SolidX, developer of crypto-products for the capital market submitted an application to launch an exchange-traded cryptocurrency fund named VanEck SolidX Bitcoin Trust to the US Securities and Exchange Commission. If the plans get the American regulator’s approval this can give the coin price as well as the whole market a considerable nudge up.
Ethereum (ETH) has also lost about 1,5% following the main cryptocurrency dynamic. Recently ETH has mostly been trading higher than $590, but it fails to break the $614 level that could have become support during the conclusive growth. Meanwhile the Ethereum network is having a hard time. Many platforms that had used it before have left it. Among them Tron (TRX) that has recently launched its MainNet and announced that they will drop the ERC-20 standard at their site for good. While more and more projects are launching their MainNets independent of Ethereum, this network gets more and direct competitors. And of course the token price can not but be influenced by the latter.
Ripple (XRP) has lost 2%, and that is strange enough given the rather interesting rumour that American Express money transfer service is considering new applications for the Ripple blockchain for cross-border transfer and even thinks of adding XRP to its portfolio.
Meanwhile EOS(EOS) has gained 0,8% and can continue its growth as EOS futures have been listed in BitMEX exchange, and a major exchange as Coinbase may trade pairs with this coin in the nearest future.
Huobi Token(HT) has experienced a lush but short growth based on the rumours of launching Huobi Chain, the Huobi native blockchain. During the day the price grew from $5,63 to $5,98, around which level it was revolving for the whole day and then it dived in correction to $5,55 thus having lost 1,5% as the daily average. Nevertheless, the weekly dynamic looks very promising: the token has grown by 65% starting from $3,36. This was preceded by a number of announcements: Huobi launched its own ETF, partnered with NewMargin Capital and Kiwoom Securities on launching a foundation for blockchain-startups worth $93 million in China and South Korea.
Among other week’s leaders we see VeChain (VEN) whose price has grown by 20% this week. Still the currency experienced more than 10% correction today, but it’s not the end of the rally, that is being heated by the attention towards the project’s MainNet that is expected for launch June 30. Also, founder of BitOcean that is VeChain’s partner and is engaging in cryptocurrency ATM-devices’ development stated that a «big» announcement is to be made, allegedly connected to VEN.
Siacoin(SC) has demonstrated nearly 5% in growth, from $0.0014 to $0,018. The growth was backed up by the expectations of the token’s at a large an exchange as OKEx.
Good results were also shown by Decred (DEX) after the announcement of their own decentralized «new type» exchange. The token has grown by 5,5%.
The daily growth of DigixDAO(DGD) made 3,12%, whereas during the week the it has grown about 23%. Earlier this month DGX token has been listed at Airswap and that was what provided its growth against the market.
About 12% growth was shown by Mixin(XIN) despite the message in the developers’ twitter that fees and penalties lock can create the false impression of the XIN token as of securities.
Waves (Waves) token grew by 8,6%. Yesterday the project’s team has announced that Monero gateway has been added to their client, and that benefitted this token holders.
And a little-known Bitbox Token (BIX) has become the hour’s leader when it was listed on BOE exchange. It has risen to the 87 place by cap having added 15%, but it’s unreasonable to count on its further growth because this type of excitement does not last long as a rule.
The Blockchain.ru staff isn’t letting its hand from the cryptomarket pulse and implores you to invest thoughtfully.
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