We’re heading towards the end of what can is called as one of the most exhilarating weeks for cryptocurrencies, especially Bitcoin. The impetus was brought on by Facebook’s announcement, which gave Bitcoin, which provided the market with the catalyst it required.
Bitcoin gained around 20% since the beginning of the week. Majority of the gains were realized towards the end of the week on Friday and Saturday. Nevertheless, the momentum was built during the beginning as Bitcoin [BTC] rose above $9100.
While Facebook’s announcement acted as a detonator, the utility of Bitcoin as a ‘store of value‘ seems to be establishing with David Marcus, Head of Facebook’s Blockchain unit and Brad Garlinghouse, CEO of Ripple not indenting to compete with Bitcoin’s utility.
Opening Price: $9083
Closing Price: $10675
The weekly Loss: 17.5%
Weekly High/Low: $9388/$7516
Ethereum maintained its dominance over the cryptocurrency market with near propionate gains to Bitcoin. The positive sentiments towards Ethereum can be attributed to Ethereum 2.0 announcements and the increasing volume on it.
Ethereum, EOS, Tron, and Cardano are competing for top place as a smart contract platform. While Tron (TRX) gained in double digits, the rise in EOS and ADA were close to 5%.
Opening Price: $269
Closing Price: $308
The weekly Loss: 14.4%
Weekly High/Low: $319/$260
Monero [XMR] along with Ethereum traded positively or only slightly contrary to Bitcoin over the entire week. It is the most popular privacy-centric protocol in the market. Another privacy-centric cryptocurrency, Zcash also gained above 20% during this week.
Opening Price: $96
Closing Price: $106
The weekly gains 10.4%:
Weekly High/Low: $119/$94.7
Binance [BNB] Coin
Binance Coin [BNB] is forming a new almost every week. The year to date (YTD) rise in Binance was above 600% as it broke above $42 momentarily during the week. The Exchange backed token has been on the linear surge this year. Moreover, Binance coins stand a higher chance to grow with other Exchanges start supporting it like Kucoin.
Opening Price: $32.3
Closing Price: $38
The weekly gains 17.6%:
Weekly High/Low: $43.2/$31.6
NEO is also a big smart contract and Dapps platform that facilitates ease of coding for developers. Moreover, it is highly prevalent in China. Early on Sunday 23rd June 2019, the price recorded a 25% gain as it traded at a high of $19 with $20 acting as massive resistance.
Opening Price: $14.1
Closing Price: $17.4
The weekly gains 22.9%:
Weekly High/Low: $19.4/$12.8
The growing attention towards Bitcoin [BTC] along with the development of cryptocurrency regulations can bring good news for the entire market. Nevertheless, many altcoins will also stand the test of regulators to address the concerns around their utility, launch, protocol, and degree of centralization.
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 23rd June 2019.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com