June has so far been unkind to the cryptocurrency market which lost about $20 billion of its total capitalization. This marks a decrease of about 7.5 percent, as the market is currently valued at around $250 billion
Bitcoin (BTC) broke down to below $8,000 in a sudden negative move and it has so far proven to be unable to break back above the strong resistance. Since the beginning of the month, BTC dominance has decreased by roughly around 1%, which signals that the altcoins have managed to gain some strength.
With this said, we’ve decided to take a look at some of the altcoins that will be interesting to monitor throughout this month.
Binance Coin (BNB)
Binance Coin (BNB) remains one of the most interesting cryptocurrencies to watch and that’s probably going to stay like that for quite a while. The native currency of the world’s leading crypto exchange is down about 8.5 percent in the past two weeks. However, its year-to-date performance remains remarkable. It’s managed to increase by 400 percent in value since January 1st.
The reasons for which BNB is interesting to watch out for is because we can see constant developments coming from both Binance and Binance Chain which add more utility. Let’s also not forget the fact that the next IEO is likely to be announced sometime this month, meaning that we’re likely to see another wave of buyers of BNB in an attempt to participate in the Initial Exchange Offering to come. Moreover, Binance is also doing quarterly burns of BNB, which reduces its circulating supply. This is another reason for which its price could continue to appreciate in the future, given the demand remains the same or increases.
Litecoin is also a very interesting altcoin to watch out for during this month. As Cryptopotato reported, Litecoin’s halving is just about 55 days away from now. This is a landmark moment in the network’s cycle as the block reward and the overall supply of LTC on the market will be slashed in half.As seen on the chart, LTC has had a great month in June so far. It’s up more than 13 percent. Its year-to-date performance is even better, as the cryptocurrency surged more than 330% against the USD. With such a major event coming in relatively soon, it’s definitely exciting to see what’s going to happen.
Just a few days ago, Cryptopotato reported that Bitfinex’s LEO token is up 70% since its private sale. Today, the total gains amount to 90 percent as LEO is currently trading at around $1.90, sitting at a market capitalization upwards of $1.9 billion.Looking at the chart since the start of June, we can see that the month has been nothing but good for LEO. It’s up almost 30 percent since the beginning of June alone, marking 8 percent gains on the day as well.
With the repurchase and burn schedule which is put in place, as well as the expected growth in utility for the token, means that we have quite a lot to see on this front. Of course, it’s anyone’s guess whether LEO will continue to appreciate in price, but it seems that the mechanics are there for this to happen.
Ripple (XRP) is currently the third largest cryptocurrency by means of market cap. Its price performance throughout 2019 has been somewhat lacking, failing to pursue the gains which most of the top projects saw during the same period.However, as Cryptopotato reported, XRP rebounded off the strong support at around $0.3790 and attempted to break the resistance at $0.40 yesterday. So far, it failed and the price has dropped slightly to the range of around $0.388 with a slight decrease of about 2.6% on the day.
June also saw the cryptocurrency depreciate in value as XRP has so far lost a little more than 10% during the month.
However, the fact that XRP was lacking behind is also what’s making it very interesting to follow. Should it manage to break through the serious support at $0.40 definitively and with volume, it has a lot of room for very serious gains going forward. With Ripple constantly announcing new partnerships and developments, XRP will definitely be one of the cryptocurrencies worth watching in June.
TRX is currently sitting on a market cap of slightly more than $2 billion and is the 12th largest project in this regard. During 2019, TRX increased by about 60 percent so far. At the time of this writing, it’s trading at around $0.30 which is a slight 2% decline in the past 24 hours. Looking at its performance since the beginning of June, we can see that TRX managed to hold its ground and it’s trading at the same price as in the beginning after a notable price increase in the first few days.One thing that can’t go unnoted about TRX, however, is its founder – Justin Sun. He’s known to be particularly proactive online, providing TRON’s community with constant updates on what’s going on.
Sun, however, is also known for going a bit over the line, creating hype around things that simply shouldn’t matter. Most recently, he literally announced an announcement, which contained little to no essential information. Yet, the price of XRP surged 7.35% on the news.
Later, it turned out that his big announcement was that he paid $4.6 million to charity in order to get the chance to sit at a 3-hour lunch with prominent investor Warren Buffet. We have yet to see what will happen during this meeting, but it’s something that puts TRX as an interesting cryptocurrency to follow over the current month.
Recommendations and Information found on Cryptopotato are those of writers quoted. It does not represent the opinions of Cryptopotato on whether to buy, sell or hold any investments. Investors should be cautious about any recommendations given. All investors are advised to conduct their own independent research into individual coins before making a purchase decision. Use information at your own risk.
Roubini on BitMex: “95 percent of all bitcoin transactions are fake”
Anti-crypto personality Nouriel Roubini has lashed out at BitMex exchange following the recent announcement that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time.
Roubini, who always has a lot of negative things to say about the cryptocurrency industry, took to Twitter to express his discontent about the recent record set by BitMex.
BitMex announced that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time. Roubini commented saying “How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake? Fake-coins, shit-coins, fake-transactions, fake-pricing. The only true thing in crypto space is manipulation, pump n dump, front-running, wash trading, etc…”
The two will be meeting in Taipei on July 3 at the Asia Blockchain Summit 2019, where they will have an open debate.View image on Twitter
ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
Bitcoin’s fantastic run contributes to a new milestone for BitMEX
The cryptocurrency market has been rife with news about Bitcoin, the world’s largest cryptocurrency, and its massive bullish movement. In a matter of just 3 months, Bitcoin has recovered from the bearish zone near the $4000 market, to currently trade near the $12,000 zone.
This price rise has prompted popular figures in the cryptocurrency industry to voice their opinions about the king coin and where it could go from its current market situation. Alex Kruger, a popular economist and analyst, is one of them and he tweeted,
“The hourly bar that marked tonight’s bitcoin $12,972 top had the highest hourly volume in Bitmex’s history. When such high volume prints come after an extended run, they often mark a local top. One could appreciate an intra-day blow-off top on the 5 minute as well.”
Kruger’s tweet comes in the wake of information that suggests that Bitcoin’s trading volume on the popular cryptocurrency exchange had skyrocketed over the course of the past few months. It was spotted in January of this year, when the trading volume found it difficult to breach the $1 billion mark. However, the present price hike has contributed to the volume spiking by a factor of 9 to amass a trading volume of more than $9 billion.
Kruger’s tweet also had comments from other Bitcoin enthusiasts, with @rufus666, saying,
“Gonna wait for Friday when these CME shorters gonna dump the corns they had to buy on spot after weekend rallies to hedge their positions.”
BitMEX had touched another milestone recently after the exchange clocked in a trading volume of a whopping $10 billion. This feat was also marked with requests from the community, asking BitMEX to include margin trading to its fold like the Changpeng Zhao-led Binance.
At press time, Bitcoin was trading at $12,595, on the back of a significant 11.19 percent growth over 24 hours. The cryptocurrency held a market cap of $223.96 billion, and a 24 hour trading volume of 32.23 billion.