Bitcoin (BTC) and Ether (ETH) Market Update: July 1, 2019
The total crypto market cap remained flat for the seven-day period and held at $320 billion. The top ten coins were all in the red for the same period with EOS (EOS) and Bitcoin SV (BSV) being the worst performers with 17.6 and 15.3 percent of loses respectively. At the time of writing, bitcoin (BTC) is trading at $11,040 on the Bitstamp daily chart, while ether (ETH) stands at $298, and Ripple’s XRP hovers around $0.410.
Bitcoin managed to close the previous seven-day period at $10,836 with a 19 percent price increase.
It opened the trading session on June 24, 2019, with a solid green candle to $11,030. The coin was trading as low as $10,560 during intraday, but bulls managed to finally push it above $11,000.
The pioneer cryptocurrency extended gains on June 25, 2019, after climbing to $11,750. There was little resistance in front of bitcoin and bears were still unable to break the uptrend and initiate a correction. The BTC/USD pair added 6.5 percent to its value and extended its dominance to more than 60 percent compared to the rest of the market.
On June 26, 2019, it skyrocketed to $13,907 and despite bulls managing to push the price all the way up to $13,876 during intraday trading, bitcoin closed at $12,919 with a 9.8 percent gain.
BTC entered a correction on June 27, 2019, as it lost 13 percent of its value and dropped down to $11,160. On the last day of the workweek, commentators saw the coin trying to restore the uptrend as it closed at $12,350. It was not enough, however, and during the weekend of June 29 to 30, 2019, it continued its freefall. Bitcoin fell to $11,850 on Saturday and then to $10,750 on Sunday. Still, it closed the week up 2.6 percent and up 29.7 percent for the month of June.
The United States Commodity Futures Trading Commission (CFTC) approved the application of the crypto derivatives and clearing platform LedgerX to become a designated contract market (DCM). The newly acquired license will allow the company to launch a physically delivered Bitcoin futures product, which will be different than then CME’s cash-settled derivative products.
Cryptocurrency index operator Bitwise has once again partnered with the Swiss Exchange Traded Product (ETP) provider Amun to launch a crypto-based index on the local exchange SIX. The new product is called Amun Bitwise Select 10 Large Cap Crypto Index ETP (KEYS) and as the name suggests will track the movement of the largest digital assets.
The latest offering on SIX is an addition to the already existing Bitcoin, Ethereum and XRP-based indexes.
The Ethereum Token was up 13.8 percent last week as it successfully moved above the $300 mark.
It started the new seven-day period by climbing up to $311 on June 24, 2019.
On June 25, 2019, ether extended its winnings to $317 and on June 26, 2019, crossed $350 for the first time since August 2018, peaking at $363 during the day session. It was not an easy task for buyers to hold this level though and at the end of the day, the best bulls could do was a 6.3 percent price increase.
Similar to the Top 100 cryptocurrencies, the ETH/USD pair entered a correction on June 27, 2019, by losing 12 percent of its value to $293.
On June 28, 2019, ETH regained its position in the uptrend channel by stopping at $310. Ethereum bulls pushed the price up to $317 on the first day of the weekend.
The last day of the week came with another red candle, this time to $290 as one of the most popular cryptocurrencies closed the week with 1.7 percent of losses.
The ETH was up 12.7 percent for the month of June.
The Ripple company token, XRP briefly visited $0.50 for the first time since November 2018 last week. It closed a slightly lower, at $0.468 on June 23, 2019, but still added 7.5 percent to its value during the seven-day period.
On the first day of the new week, the coin moved up to $0.472 holding in the uptrend channel. On June 25, 2019, it began running out of steam as it declined to $0.464. The negative move was followed by another one on June 26, 2019, when the altcoin lost even more ground before stopping at $0.461.
The XRP/USD pair formed a third consecutive red candle on June 27, 2019, and erased 12.7 percent of its price to close the session at $0.403. It was now dangerously close to the $0.40 support, which turned out to be an important level since mid-May.
On June 28, 2019, bulls managed to rebound from that position and climbed up to $0.423.
The weekend of June 29 to 30, 2019, came with a small increase to $0.425 on Saturday and yet another losing session on Sunday when XRP broke the above-mentioned support and closed at $0.392.
It was down 11.8 and six percent for the week and month respectively.
Altcoin of the Week
Our Altcoin of the Week is Qtum (QTUM). The open source public blockchain platform was 31 percent up for the period and is trading at $5.08 as of July 1, 2019. Additionally, it added 53 percent to its value during the month of June and successfully increased its total market cap to $487 million.
As per the official website of the project, QTUM is using a Decentralized Governance Protocol (DGP), which allows for specific blockchain settings to be modified by making use of smart contracts and omitting hardforks for major upgrades.
QTUM is trading at $0.000458 against BTC on the Binance daily chart at the time of press.