The market shrank about 20% — from $ 354 billion to $ 283 billion within almost a week.
The aggregate value of all coins dropped below $ 300 billion on April 12 last time. However, the market quickly recovered after this fall.
Picture. Cryptocurrencies capitalization dynamics
The capitalization of altcoins declined by 23%. The share of Bitcoin increased by almost two percentage points.
At the time of writing, the leading cryptocurrency is trading at around $ 6,600. In comparison with the beginning of last week, BTC lost more than 14% in price.
According to the Chainalysis resource, the fact that holders (investors making long-term investments) sold Bitcoins worth more than $ 30 billion over the past six months, had a negative impact on the cost of Bitcoin. As a result, 35% of all BTC coins were concentrated in the hands of long-term investors, and about 24% — in the hands of holders. Six months ago, the rates of these two groups were three times different. It is also worth noting that, according to analysts, about 7% of coins may be lost.
And here is one more negative news about Bitcoin which appeared last week: a decrease in the forecast of Bitcoin cost by the end of this year by Trefis analysts from $ 15,000 to $ 12,500. Besides, Forbes predicted another death of the first cryptocurrency due to energy-consuming mining and massive expenditures on equipment.
Following Bitcoin, the prices of many altcoins collapsed. Only less than 15% of all the coins could increase their cost. Surprisingly, only small crypto coins were lucky, with the exception of Emercoin (EMC), which is in the TOP-100 according to capitalization.
Emercoin (EMC) went up by 11% — from $ 2.34 at the time of the opening of the stock exchange on June 4, to $ 2.60 at the close of the exchange on June 12. EMC, according to the project manager, is a hybrid of the NameCoin and PPCoin coins. Cryptocurrency provides two types of mining — proof-of-work and proof-of-stake. Also, Emercoin provides users with the following solutions:
The Emercoin project was launched at the end of 2013. At the time of writing, EMC's capitalization is more than $ 104 billion.
Tokenomy (TEN), which is in the TOP-190 coins according to capitalization (44.8 billion dollars), has risen by more than a quarter — from 0.285254 dollars to 0.358638 dollars within the overviewed period. Tokenomy is the platform for creating, distributing and sharing tokens. It has been traded on crypto exchanges since March 2018.
Despite the market collapse, the Swarm (SWM) coin also keeps in the fight. Within the analyzed period, it managed to add more than 90% (!) in the price. The cost of SWM increased from 0.403180 dollars to 0.771529 dollars. Concerning capitalization, the coin is included in the TOP-210 ($ 37.9 billion). The idea of Swarm project developers is to connect the real economy and the cryptosphere. To do this, they created a platform based on blockchain technology, where users can participate in creating the crypto value of various projects from the real sector. In other words, the platform provides an opportunity to invest crypto assets in traditional assets.
BitCNY (BITCNY) is also in the list of coins that could increase their price. The cost of this cryptocurrency increased slightly — only 2.9%. However, even such a small growth against the background of a falling market is a great success. BitCNY is a coin tied to the Chinese currency. Regarding capitalization, the coin is in the TOP-230 coins according to capitalization ($ 32.9 billion).
Brahma OS (BRM) is an operating system that includes decentralized networks and provides users with access to blockchain services and applications. The cost of this coin has increased from 0.023775 dollars to 0.030909 dollars (an increase of 30%). BRM is included in the TOP-315 cryptocurrencies according to capitalization.
This week, Bitnewstoday will continue to monitor the fluctuations in the cryptocurrency market.
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