15.06.202117:23 Forex Analysis & Reviews: Altcoins resume growth amid positive news: reasons and analysis

The cryptocurrency market has been actively accumulating the volumes needed to launch a bearish trend in recent days. The first pleasant call of this was the exit of bitcoin to a position in the region of $39,000. After that, there was a short pause, which was interrupted by a loud statement from the authorities of El Salvador about the recognition of BTC as an official means of payment. After that, the cryptocurrency market began to fill with positive news related to the resumption of the process of institutionalization. Today, on June 15, bitcoin reached the $40,000 mark, and this has positively affected the altcoin market. As a result, the total capitalization of cryptocurrencies increased by 3%, reaching $1.7 trillion.

Ethereum indicators have increased by 4% over the past day. The asset shows rapid growth in daily trading volumes, and also demonstrates a confident positive dynamics of changes in quotes (+1% per hour). The main reasons for the growth of ETH indicators were the growth of bitcoin quotes, as well as a positive news background. In addition, there are local reasons for the surge in the altcoin network, which contributed to its growth. Over the past two days, interest in bitcoin has increased many times among the crypto community, which has led to a downward trend in the opening of unique ETH addresses. This has led to a reduction in social activity on the ethereum network. However, at the same time, this significantly reduced the pressure of sellers on the asset and reduced commissions in the ETH network. As of 13:00 UTC, the average commission on the ethereum network is about $3.8. All this contributed to a sharp rise in the price of the cryptocurrency after a positive news impulse. Do not forget that in the near future, there will be an update of London, which is scheduled for mid-July. In the near future, we expect an increase in demand for the main altcoin, but one of the nearest targets is to overcome and consolidate over the order of $2,600.

Exchange Rates 15.06.2021 analysis

The Ripple token does not share the general joyous mood in the cryptocurrency market. Investors are wary of XRP, as a result of which, the value of the asset remained practically unchanged and remained at $0.882. At the same time, daily trading volumes are slowly growing, and local dynamics indicate an increase in cryptocurrency indicators. The news that the litigation between the SEC and Ripple could drag on until 2022 was negatively received by the crypto community. First of all, because the uncertainty around the coin can drag on for at least 6 months. This will negatively affect the institutionalization of the cryptocurrency, and in the near future, the growth of the altcoin will be conditioned only by local impulses and victories.

Exchange Rates 15.06.2021 analysis

Litecoin feels more confident and is growing in value by 3% over the past day. The cryptocurrency is quoted in the region of $176, where a lot of market support is concentrated. Given the positive sentiment in the market, further upward movement of the altcoin can be expected. This is indicated by the local dynamics of the price movement (+0.5%), as well as the growing volumes of daily trading.

Exchange Rates 15.06.2021 analysis

There is growing interest in the altcoin Cardano, which recently announced the second version of the Alonzo Blue base. Recall that the project on the ADA blockchain has now added the ability to deploy smart contracts. Against the background of the launch of the new function, altcoin broke into the top 5 cryptocurrencies in terms of capitalization with a result of $50.7 billion. As of 13:00 UTC, the coin is quoted at around $1.58 with growing daily trading volumes. Probably, the crypto coin has not reached the peak of winning back the favorable news and will continue to increase its volumes.

Exchange Rates 15.06.2021 analysis

The growth of quotes of the major altcoins is taking place amid a positive news background that has been formed over the past week. Financial Time reports that hedge funds will continue to invest in cryptocurrency. According to analysts, by 2026 the investments of financial institutions will reach $312 billion. In addition, MicroStrategy announced a billion dollar share issue to buy bitcoin. The company is confident in the long-term benefits of investing in the main cryptocurrency. Investment bank Goldman Sachs also plans to expand its engagement with the crypto asset market. A financial institution wants to launch Ethereum-based futures and options trading. At the same time, disputes about the need to tighten regulation of cryptocurrencies are not abating in Europe and Asia. In Italy, this need was explained by the fight against money laundering and the financing of terrorism. In the Netherlands, for example, they put China and propose to also prohibit the use of bitcoin as payment. The mining company of Yunnan province was ordered to stop all work on the extraction of coins. Despite this, the quotes of the main altcoins continue to rise, and, most likely, the market is approaching a bullish trend, which may be launched in the near future.

*Účelem zde zveřejněné analýzy trhu je zvýšení vašeho povědomí, nikoli dávání pokynů k obchodování.

Artem Petrenko,
Odborný analytik společnosti InstaForex
© 2007-2021
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