Monday, July 9, 2018

June cryptocurrency report: Ethereum gains market cap while Cardano, Iota, and Neo big losers

In the wake of nearly half of all cryptocurrencies falling below the price point of a penny per coin, the month of June saw a limited number of cryptos gain in price while an increasing number of tokens lost out.

Ethereum Classic was one of the few decent winners, seeing their market cap improve by 20% while Binance Coin also saw a more than 10% improvement in value.  However these two cryptos were dwarfed by the number of losers for last month which saw a drop of between $40 and $60 billion in overall market cap for the sector.

June Crypto Winners 
Ethereum Classic can only be considered a winner in June because it did not drop and ended the month around the same level as it started, just over $15. Against Bitcoin Ethereum Classic made 20% in June ending at 246400 satoshis. The boost came from Coinbase which announced that it will soon be supporting ETC trading on its platform. 
Binance Coin made a little over 10% in June as traders ditched their altcoins into exchange based coins or stablecoins. Starting the month at $14.15 BNB climbed to $15.65 by the end of it to be the only crypto in the top 30 to make a gain in June. 
June Crypto Losers 
Ethereum got battered in June losing 25% from $575 at the beginning to $430 at the end of the month. ETH usually does a little worse than BTC but not as badly as most of the other altcoins which have all been trounced. Over $14 billion was lost from Ethereum’s market cap as trade volume fell by 25% over the month. 
Ripple’s XRP took a 28% hit falling from $0.61 to $0.43 throughout June. News about new partnerships and development for the company and cryptocurrency has had very little effect on its price. Bitcoin Cash started June at a touch under $1,000 but plummeted to $660 by the end of it resulting in a beating of 34%. 
The over-hyped EOS mainnet launch was riddled with bugs and centralization concerns and the ensuing FUD storm caused it to crash 37% in June from $12.25 at the beginning to $7.70 at the end. It reached a low point of $7.20 in June which is almost 70% down from its all-time high of around $23 two months ago at the end of April. 
Litecoin has been in a downward spiral for months now and June has been no different. Losing 36% over the month LTC slid from $118 to $75 at the end of it reaching its lowest level since late November. Lumens had an equally bad month falling 38% from $0.29 to $0.18. Cardano fared even worse with a 45% crash from $0.22 to $0.12. ADA has consistently been the worst performing altcoin in the top ten for several months now. 
A similar 45% hit was felt by Iota as it plunged from $1.75 to $0.95 over the thirty days of June. Neo also got smashed back to November 2017 levels with a 47% fall from $53 to $28. June has been the worst month for Neo since the rebrand last year. Tron, which had a more successful mainnet launch, could not benefit from price action as it lost 42% from $0.060 to $0.035 in June. – News BTC
July has started off the month a little bit better for cryptocurrencies, with Bitcoin gaining around $450 over the past week.  However volume and sentiment for the sector as a whole has been stagnant or declining, which doesn't bode well for the asset class gaining any real momentum going forward. 

0 comments:

Post a Comment