Despite the general decline of the market, altcoins have historically maintained a positive attitude and are striving for growth. This is evidenced by the rise of the total market capitalization to the level of $1.78 trillion. Individual altcoins are trying to go beyond the fluctuation ranges, but the entire market is paying the price for over-dependence on the first cryptocurrency.
Ethereum was the only major coin to see significant gains in value. During the day, the asset went up by 7% and came close to the threshold of $2,800. The cryptocurrency has overcome the corridor of $2,580-$2,700 without any problems and continues to grow in price. This is evidenced by the local dynamics of changes in quotes (+ 1.5%). Ethereum indicators managed to break through the threshold of $2,720, where ETH dropped sharply in price on June 1. Judging by the charts, the next difficult level of the cryptocurrency will be around the $2,830 mark. The main reasons for optimism were recent reports from mining companies, according to which income from mining ETH in May became $1 billion more profitable than from mining bitcoin. Also, don't forget about the London update coming up. At the same time, Ethereum co-founder Vitalik Buterin said that the transition to ETH 2. 0 will take much longer than planned. In the short run, this will give additional bursts of activity and an increase in cryptocurrency quotes. However, in the long term, the coin runs the risk of missing the moment for absolute technical dominance over opponents.
The Ripple token, having emerged victorious from another round of confrontation with the SEC, failed to consolidate its success. In the past few hours, the cryptocurrency has fluctuated, which indicates a significant decrease in interest and complete wagering of news from the courtroom. The same is indicated by the daily trading volumes, which fell to $4 billion. Despite this, XRP manages to maintain the $1 mark, however, at this stage, the token's problem is similar to the bitcoin's. Due to the sell-off, the coin cannot accumulate critical mass, which prevented the crypto asset from taking advantage of the positive momentum.
A similar situation is observed with Litecoin, which managed to reach the $190 mark, but then sank to $178. At the same time, the asset managed to rise in price by 5% over the past day, but it shows instability, which is clearly visible on the horizontal charts. Given the low daily trading volumes and market pressure, the coin will not be able to gain a foothold below the $200 mark in the near future without a strong news impulse.
Such an impulse was received by Elon Musk's favorite asset Dogecoin, which soared 32% over the course of the day and reached $0.416. At the same time, the volumes of daily trading and the local dynamics of changes in quotes indicate the extinction of interest in the altcoin. First of all, such a demand for a meme cryptocurrency arose thanks to a successful listing on the Coinbase Pro platform, where the asset will be available from June 3. Musk also added fuel to the fire, thanks to which the Doge pump lasted until the evening of June 2.
The sentiment in the altcoin market is characterized by great upside potential, which is no longer constrained by the negative news background. For example, it became known that Daymak electric cars will be able to mine coins while they are in the parking lot. Also, the reports of mining companies added positive, as a result of which ETH has many times surpassed the profit of bitcoin. The Indian authorities have renounced the recent ban on the use of cryptocurrency in the country, and the British bank Standard Chartered is going to launch a crypto exchange for large companies, which will significantly increase the institutionalization of the market. Considering all this, we can expect a revival of the situation on the cryptocurrency market and the beginning of a protracted growth. The only problem holding back the growth of coin quotes is bitcoin. The first cryptocurrency is close to the formation of the "death cross", which, sorry for the tautology, will put an end to the positive end of the"altcoin season".
