Here’s a summary of what happened to the cryptocurrency market in the third week of June.
This week brought out some green flags for the cryptocurrency market. Yet another tweet by Elon Musk, talking about the possibility of accepting Bitcoins as a mode of payment for Tesla, increased Bitcoin’s value making it touch the US$40,000 mark. Apart from Bitcoin, Altcoins saw some sunshine thanks to the same tweet.
After a couple of bearish weeks, the bull took over and showed promising results for crypto investors. Two of the strongest cryptocurrencies that charged with green lights, apart from Bitcoin, were Binance Coin and Ethereum.
A token by Binance exchange, one of the largest cryptocurrency exchanges, Binance Coin was launched in 2017. Since its launch, Binance was one of the investors’ favorites as it was stable amongst the market volatility. Compared to other altcoins, Binance Coin always recovered well, which was also the case during the recent market crash because of China’s ban on cryptocurrency. In recent times, Binance Coin saw a low of US$225, shot up to US$430, and corrected to US$356. With a market cap of US$54 billion, Binance Coin is the third-largest cryptocurrency in the market, holding that spot for a long time.
Ethereum, the second-largest cryptocurrency after Bitcoin, had a rocky start to the week until Elon Musk ramped Ethereum’s price. One of the most trusted crypto by investors, Ethereum has a strong utility factor that gives it this immense growth potential. On June 15, Ethereum got to its highest point of the week at US$2,616 and is now comfortably trading at US$2,390. Yes, there has been some dip in the value but Ethereum made it to this list of best performers as investors are awaiting the launch of Ethereum 2.0. The project is expected to be launched at the end of 2021 with a new proof-of-stake algorithm and talks about it are already making the news.
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