Bitcoin, Ether, and XRP Weekly Market Update June 3, 2019
The total crypto market cap is $6.4 billion up for the seven-day period and now stands at $276.6 billion. The top ten currencies are mostly in green for the same period with Binance Coin (BNB) being the only exception. Bitcoin SV (BSV) registered another good week by adding 106 percent to its value.
Bitcoin was once again leading cryptocurrencies to a brighter future with solid gains. The digital asset created by Satoshi Nakamoto registered another good session on May 26 and gained 8.2 percent to stop at $8,738. It started the new week with a slight increase to $8,773 as bull traders were able to push its price all the way up to $8,940 intraday.
On May 28, the most popular cryptocurrency declined to $8,718. It moved even lower on the next day stopping at $8,660.
The trading session on May 30 was exceptional as the BTC/USD pair was trading in the $9,100 to $8,000 range. For the first time since May 2018, we saw the coin breaking above the $9,000 level, still, the flash crash that followed confirmed the solid resistance of the last major barrier before $10,000.
Bitcoin lost 4.5 on that day and found itself at $8,275.
Like the majority of cryptocurrencies, BTC climbed up on the last day of May stopping at $8,550. It was 59 percent up for the 30-day period closing its best month since December 17, 2017, with a solid green candle.
One the first day of June, bitcoin traded flat in the $8,550 zone and added two percent on June 2 to reach $8,735. BTC was one percent up on a weekly basis.
Block.One, the company behind the cryptocurrency EOS announced on June 1 the launch of a new social media platform called Voice. The new application will be hosted on the EOS Public Blockchain and will build a more transparent environment for users to share their thoughts and exchange ideas. According to Brendan Blumer, CEO of Block.One, Voice will “cultivate creation, sharing, discovery, and promotion of content on social media platforms by real users, not bots and fake accounts.”
In the meantime, Tether, the issuer of the USD-backed stablecoin USDT, informed it will be partnering with Block.One to launch their token on the EOS blockchain making it the fourth platform hosting the stablecoin along with Omni, Ethereum and Tron.
The news came out just a day after the U.S.-based exchange Coinbase announced it would list EOS on its Coinbase platform and Android/IOS applications. The fourth largest digital asset will be available for trading in all jurisdictions except the United Kingdom and the state of New York.
The Ethereum token gained $17 dollars on May 26 and was already eyeing $280 and $300 levels.
Ether opened the week with a price increase to $272 on May 27, still, it was in the $245 to $300 zone expected from a few weeks ago.
The ETH/USD pair formed three consecutive red candles on the daily chart from May 28 to May 30 and dropped to $254. It lost 5.5 percent on May 30 and traded as low as $239 during intraday suggesting further losses in sight.
One of the most popular altcoins, however, successfully rebounded and closed May at $267 concluding with 66 percent up over the month.
On June 1, ETH once again moved South to $264 but erased loses on June 2 closing the day at $269 with 1.2 percent increase for the seven-day period.
The Ripple company token moved up to $0.434 after a 6.3 percent increase on May 27. This was the fifth consecutive green candle on the Bitstamp daily chart as XRP successfully rebounded from the $0.37 level. The coin experienced a minor correction after it peaked at $0.458 on May 16.
On May 28 the XRP/USD pair extended its gains to $0.449, just a step away from the $0.45 mark. Bulls were able to push the price up to $0.46 during intraday, but it was not enough to guarantee a breakout. This was even more obvious on May 29 when a small correction occurred. The altcoin dropped to $0.444 after a huge selloff sent it all the way down to $0.42.
Observers saw the token lose 5.3 percent of its value on May 30 as it stopped at $0.418. Bull traders were somehow able to produce a sort of a comeback on the last day of the workweek and the coin closed the month of May at $0.437 or 46 percent higher for the 30-day period.
Over the weekend, XRP started with a drop to $0.429, which was followed by another winning session on June 2. XRP bounced back up to $0.444 and ended the week 11 percent higher.
Altcoin of the Week
The Altcoin of the week is TRON (TRX). The cryptocurrency created by Justin Sun gained 21 percent for the last seven days and is once again looking to regain its position in the top ten cryptocurrencies by total market cap.
The current run appears to be driven by the recent tweet by Sun who announced “an announcement.” According to him, there is a “Big win for the #blockchain community!” which involves both TRON and BitTorrent (BTT) projects and will be shared with the public on June 3. The price reacted immediately and jumped to $0.375 on June 1 against the USD. It peaked at $0.409 on June 2.