Bitcoin is ending another month with significant increases. The largest coin by market also contributed to the most recent increase in the global cryptocurrency market cap.
A look at the chart suggests that market saw a lot of volatility over the last twenty-nine days. It kicked off the month at $1.14 trillion but dipped to a low of $1 trillion due to a massive decrease in the values of most cryptocurrencies. Nonetheless, the market picked up momentum during the last twenty days of the period under consideration. As a result, the sector peaked at $1.18 trillion.
Although the new valuation depicts a very small increase in the end, it is an improvement from May. During that period, the industry was on a steady downtrend.
The last four weeks were a rollercoaster for most assets as they retested support they left a few months ago. One such cryptocurrency is Cardano. The coin is ending its worst-performing month with losses of more than 23%. It dipped to a low of $0.22 and may close at $0.28. This comes after the session opened at $0.37. It is also worth noting that the coin’s last spell at $0.22 was in December 2022.
On the other hand, one of the top gainers during the period under consideration is Compound. It started making headlines during the last few days of the month. Nonetheless, it may close with gains of more than 50%.
Bitcoin Sees Significant Increase in Value
With June coming to an end, bitcoin may close with gains of almost 12%. This comes after small bullish moments that saw a rebound from its three-month low.
Throughout the month, fundamentals played a huge role. During the first half, the apex coin struggled to register notable increases and was a downtrend as several negative news permeated the market. One such news the Consumer Price Index (CPI). It came out negative and fears of inflation took center stage.
The fear and uncertainty spilled over into the crypto market, with BTC being one of the most affected coins. As a result, it dipped to a level it surged past three months. This happened on June 14 when it opened trading at $25,935 and dipped to a low of $24,819. Although it saw a slight recovery, the day ended with losses of more than 4%.
However, this is not the biggest dip the coin experienced during the period under consideration. On June 5, it started trading at $27,114 but retraced to a low of $25,389. Although it rebounded, it failed to return to its opening price. As a result, it closed with losses of more than 5%.
On the other hand, the coin had a lot of bullish moments. Fundamentals also fueled these events. This time, BlackRock was behind the news. It made an announcement that it will offer Bitcoin EFT as one of its services. The entire crypto market responded positively to the news and the coin under review is also a huge beneficiary of this trend.
One of the month’s biggest increases happened on the twentieth day of the month. It kicked off trading at $26,840 and resumed its uptrend after a small correction. Nonetheless, the coin peaked at $28,441 and closed with gains of more than 5%.
Ethereum Dipped Below $1,700
A look at the chart tells that Ethereum struggles throughout most part of June. Like Bitcoin, it also revisited a mark it left three months ago. However, the charts suggest it did see a massive increase in trading after it rebounded.
A closer look at the daily chart offers more insight into what transpired during this period. ETH had a lot of bearish moments. One such happened on the fifth day of the period under consideration. It opened trading at $1,889 and retraced to a low of $1,775. It closed the day above $1,800 as it experienced a change in market conditions. Nonetheless, it closed with losses of more than 4%.
Another 4% drop happened five days later. Ether opened trading at $1,840 and made an attempt at the $1,700 support. The trial failed as the coin rebounded at $1,717. However, it failed to return to its opening price, hence the losses in the end.
Four days later, the apex altcoin had it biggest dump four days later. During this period, the coin lost the $1,700 barrier. After breaking it, it dropped to a low of $1,631 before rebounding. As with the previous drops, it showed signs of recovery but ended the session at $1,651. This also signifies a more than 5% decline in value.
On the bright side, ETH recovered from the low a few days later and made its first attempt at $1800. However, it failed but peaked at $1,796.
During the next intraday session, the apex altcoin flipped the highlighted mark. It also went further and retested $1,900. It failed in this bid but touched on this key barrier. Additionally, the day ended with asset gaining more than 5%.
Although Ethereum is closing the month with an increase of less than 4%, its closing on a good note. Currently exchanging above $1,900, it may the last day with gains of almost 4%.
