For this moment, he is finishing the second quarter of 2020, and it is time to analyze the performance of the main cryptocurrencies on the market. Specifically, we will analyze the trend of Bitcoin, Ethereum and Ripple during the month of June.
Let’s talk trend: Bitcoin, Ethereum and Ripple
Both BTC, ETH and XRP are leading the ranking of cryptocurrencies by market capitalization. The three cryptocurrencies in turn have uses quite diverse and somewhat different between if as many know.
At first glance, if you compare the price charts of Bitcoin, Ethereum, and Ripple and you’ll notice that seem to have followed a pattern somewhat similar, where what varies is how pronounced are the peaks and valleys.
Of the three the one that seems to have had more volatility was ETH, while BTC stayed the whole month without significant changes or significant.
The matches we can find them seeing as the highest prices, and market volumes for the three cryptocurrencies took place the first day of the month. For this moment, BTC, ETH as XRP are at their lowest point monthly.
Ethereum presented by a mild moment a value of US$ 251, however, the force lost to the 24th of June, where it came very close to this monthly maximum, but could not overcome it. On that day ETH changed hands at a value of US$ 248. At the time of writing this publication, ETH has lost approximately US$ 22.
BTC, what happened in June?
After this, we see that Bitcoin only grazed US$ 10,000 for a brief period at the beginning of the month. The following days, the value of this criptomoneda approached this resistance, but not enough to break it, and start definitely a bullish rally.
From then until the time of writing this publication, BTC has lost about US$ 1.003 approximately. However, in the graph we can see that the oscillations in price were quite stable, something not so common in BTC.
Most commented this month with respect to the trend of Bitcoin is that it really was not a date, since he remained in a kind of market side most of the time.
Monthly graph of the price of Bitcoin where it is shown that there was a tendency particularly marked. Source: CoinMarketCap
The fall observed after 26 June is due to that the market was absorbing the more than 115,000 contracts of options BTC that expired that day. This has readjusted its future prospect.
Prices are expected to continue with few oscillations during the next month before a massive change. However, the trend of short sales may affect this “stability” and replace it by a bearish movement.
The fundamental thing to observe what happens with Bitcoin is that most of the altcoins tend to follow closely the price movement of this criptomoneda.
Ripple (XRP) in retrospect
Finally, by closely observing the performance of Ripple during June. During the course of the last 48 hours, the price of XRP fell by more than 4 percent, and it now stands at US$ 0,179.
At a general level, Ripple maintained a certain stability during the first two weeks of the month, declined considerably in the third and from there it has been declining gradually until you reach the minimum monthly that we find today.
If the downtrend continues, it is likely that XRP test the support at$ 0,171. However, if the bullish momentum from the outside to rescue the currency or BTC is a win-win, this could spread the market of XRP and reach to US$ 0,193.