Bitcoin and Ether Market Update: June 4, 2020
Total crypto market cap added $4 billion to its value since Monday morning and now stands at $274 billion. Top ten coins are all in green for the last 24 hours with Cardano (ADA) and Litecoin (LTC) being the best performers with 10.3 and 3.6 percent of gains respectively. At the time of writing Bitcoin (BTC) is trading at $9,634 on the Bitstamp daily chart, while Ether (ETH) is hovering around $243 and Ripple’s XRP nears $0.204.
Bitcoin fell below the horizontal support area around $9,500-$9,600 on Sunday, May 31 and closed the day at $9,426. The coin was 8.3 percent up for the week and ended the month of May with a 9.4 percent increase.
The BTC/USD pair opened trading on Monday by forming a huge green candle to $10,208. It surpassed the mid-term diagonal resistance and the two major support zones – the already-mentioned $9,500-$9,600 and the one near $10,000. Bulls were even able to push the price up to the year-to-date high, but could not that level for too long.
What we saw on Tuesday, June 2, was a solid pullback. The leading cryptocurrency dropped all the way down to $9,513 after finding support at the long-term downtrend, now possibly turned resistance. The correction was attributed to a flash crash event that occurred on the Bitmex exchange and which resulted in price reaching $8,600 in a span of about 15 minutes.
The mid-week session on Wednesday was seen as a stabilization effort from bulls’ side as they were fighting to keep BTC floating above $9,500. The coin closed the day with a small gain to $9,687.
Trading volumes were stable around $27 billion on Monday, then started to pick up on Tuesday and peaked at $43 billion on Wednesday morning before going back down to $25 in the evening hours.
The Ethereum Project token ETH experienced a significant correction down to $231 on Sunday, May 31 and erased 5 percent of its value after hitting $243 during the previous session for the first time since March.
The coin was 16 percent up for the week and added 12 percent to its value on a monthly basis.
The first day of the trading week was once again positive for buyers. The leading altcoin continued to climb and reached $248, successfully surpassing the March highs.
On Tuesday, June 2, however, it followed the general crypto market trend and fell down to $237, or right below the horizontal S/R line. Still, the ether found stability and did not allow further decline, preserving the uptrend.
On Wednesday, it partially erased some of the losses and moved up to $244.
In terms of 24-hour trading volumes, they remained stable in the $10-$11 billion range, briefly jumping to $13 billion on Tuesday evening.