Bitcoin, Ether, and XRP Weekly Market Update June 17, 2019
Bitcoin, Ether, and XRP Weekly Market Update June 17, 2019
The total crypto market cap added $38.7 billion to its value for the last seven days and now stands at around $283.4 billion. The top 10 currencies are all in green for the same time frame with Bitcoin (BTC) being and Litecoin (LTC) being the biggest gainers with 19 percent and 17.5 percent respectively. By the time of writing bitcoin (BTC) is trading at $9,141 while ether (ETH) stands at $269. Ripple’s XRP is at $0.429.
BTC/USD
Bitcoin opened the new week with a solid green candle on June 10. The coin added $400, or 5.2 percent to is value and once again reached the important $8,000 level. BTC closed the previous 7-day period with a 12 percent loss and bulls were already looking for a way to consolidate.
On June 11 we saw a small correction to $7,920 as BTC/USD was trading as low as $7,720 during intraday. The pair climbed up to $8,180 on the next day, Wednesday, June 12.
The most popular cryptocurrency found its way back to the uptrend channel on June 13 and stopped at $8,230. On the last day of the workweek, it gained another 5.8 percent peaking at $8,697. BTC was just a step away from its yearly high of $8,771.
One of the biggest and most popular cryptocurrency exchanges, Binance, announced on June 14 it has updated the terms of users for its main platform restricting US-based users from trading. Customers who are in violation of the new rules will not be able to trade or deposit effective 12th September 2019. Their wallet funds will continue to be accessible.
At the same time, Malta-based company will launch its own fully licensed platform in the United States in partnership with local service provider BAM Trading Services Inc. The Binance US platform already received approval by the Financial Crimes Enforcement Network (FinCEN) on June 11, 2019.
On the Saturday of June 15-16 weekend, BTC broke the above-mentioned level and formed its fourth consecutive day of gains on the Bitstamp daily chart. It reached $8,866 on Saturday and $8,975 on Sunday. Buyers were even able to push the price up to $9,380 during the day trading session, but could not hold the $9,000 level for too long.
Bitcoin was 19 percent up for the 7-day period.
ETH/USD
The Ethereum Project token lost 13 percent of its value during the previous week and closed the period at $231, right above the important level of $230. A break below this mark would mean a possible change in trend and bulls were looking for a way to avoid it.
Ether started the new week with a bang. It climbed up to $247 and added 7.3 percent to its value on June 10. On June 11 the coin dropped to $245 but was still holding its uptrend position.
Another green candle was formed on June 12 when the ETH/USD pair extended its gains to $262 and was already eyeing the yearly high of $272. On June 13 it made a small correction to $255 but compensated for the losses on the next day by creating an almost identical candle, but in the opposite direction.
The first day of the weekend found the ether at $269 and even though bull traders were able to push price all the way up to $280 during the day session on Sunday, June 16, they could not hold it for too long and moved back down to $267.
One of the most popular altcoins was 16 percent up for the week.
XRP/USD
The Ripple company token was not impressing with its recent movement and lost 12.6 percent during last week, almost dropping below the $0.37 level.
It started the new week with a jump above $0.40 on June 10 and in a 4.4 percent increase, climbed up to $0.402. The move was followed by a correction to $0.383 on June 11, but it was not enough for bears to retake control.
On the same day, Ripple announced its expansion to South America. The San Francisco-based blockchain startup will reportedly launch operation in Brazil by onboarding new customers to the RippleNet payments network. According to the official press release and also shared at the International Congress & Exhibition of Information Technology for Financial Institutions (CIAB Febraban ), held between 11–13 June 2019 in São Paulo, Brazil, new customers can expect a significant improvement in the speed, cost, visibility and access of their transactions.
On June 12, the XRP continued with its good performance and regained the $0.403 level. After another insignificant drop to $0.40, it rebounded to $0.404 and $0.41 on June 14 and June 15 respectively.
The XRP/USD pair skyrocketed to $0.427 on Sunday, June 16 and closed the week with a 10.5 value increase.
Altcoin of the week
Our Altcoin of the week once again is Chainlink’s LINK. The project registered the stunning 58 percent of price increase for the 7-day period and now comfortably sits at the 26th position in the Top 100 cryptocurrencies measured by market capitalization. The LINK coin climbed all the way up from $1.09 on June 10 to $1.87 on June 13.
The main reason for the good performance was an announcement by the Google Cloud Platform that Chainlink’s service can be used to import the company’s cloud service BigQuery data inside an Ethereum smart contract and help “reduce inefficiencies & enables new on-chain business models” on the Ethereum blockchain.
Although no official partnership was announced, the LINK’s price skyrocketed by more than 70 percent in just a matter of 1 hour following the news.
By the time of writing, the Chainlink’s coin is trading at $0.000182 against Bitcoin on the Binance platform.
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