Since our last crypto market round-up report on Friday, the climate has changed significantly for at least one major cryptocurrency: Ethereum. All eyes are on Ether as it pushes closer and closer to the $100 mark. Bitcoin, meanwhile, briefly crossed the threshold of $3,400. By most accounts, the Bitcoin price is working on a test of the $3,000 mark, which is both a psychological and market indicator.
The Bitcoin price’s 3-day chart looks a bit hellish if you’re a bull in this cold weather.
Bitcoin has lost $200 over the past three days. Average users and merchants will feel a difference such as this. Momentum seems to be dying on any form of bull run. There seems a strong likelihood that resurgences like we’ve seen the past day and a half are merely bots “buying the dip,” without the foresight to see that even cheaper prices may be on the horizon.
Then again, this is crypto, and they may not.
No one’s having a worse week than Ethereum, however. When we last did a market round-up Friday, Ether was trying to maintain $120 and $118, and a couple dollars lower, across markets.
Over the weekend things got nasty. The 24-hour period by press time was even worse. Ether opened on Coinbase 24 hours ago around $111, but now it’s around $105.
Sub-$100 Ether may be a reality this coming week. A lack of new ICOs to generate demand for Ethereum is part of the problem here. Lack of decentralized application usage, which creates demand for “gas” (Ethereum used to pay for the processing of token transactions) also figures into it. An increase in either of these would create new demand for Ethereum.
If you’re a long-term holder like this reporter, however, you’re appreciating the discounted Ether. Perhaps the only long-tail concern for true Ether believes is value dilution that will be created by a Proof-of-Stake system in the near future. Tokenized systems are bound to find their true market.
Yesterday, CCN.com reported that EOS had been displaced by Tether. This was more attributable to the damage done to the EOS price than it was to a growth in market capitalization on the part of Tether. In fact, as the report says, Tether is relatively stagnant by comparison to newer stablecoins that are growing at a regular pace.
EOS saw a 10-cent rebound over the past several hours of trading, with a volume of over $800 million.
Comparatively, Litecoin seems to be in a holding pattern across a trading volume more than twice the amount of Tron traded ($716 million versus $287 million).
Litecoin rounded the day out at an average around $31.20. Coinbase had it a bit cheaper, at $30.90.
Litecoin has historically followed Bitcoin, either up the mountain or into the valley. What might be interesting is if Litecoin maintains its $30 target as Bitcoin potentially regresses beneath $3,000.
Featured Image from Shutterstock. Price Charts from TradingView.
Last modified: June 14, 2020 11:05 AM UTC