Crypto Market Daily Highlights – June 17 – BTC, SOL, and ETH Steady

As seen here is the daily highlights of the crypto market in action today. The top 3 coins dominate the daily breakdown and trading volume and some of these coins have reached new record highs this week. The biggest gains are from ETH, BTC, XRP, Litecoin and ZEC.

Most tokens have been consolidating on a base of support at around $1000 a coin while many others remain well above that level. In another area not mentioned here which was also mentioned last week that we saw more volatility in May (https://blog.nasdaq.com/5-biggest-meme-of-the-month-of-may-2020) as compared to Q3 2018/2019. Some token exchanges will see some percentage returns on their trades which might be a bonus for our readers and traders but it could also be interpreted as us doing less buy and hold in favor of better research. We will continue with weekly updates throughout mid month so keep an eye on those markets if you want to make more money.

We will start by looking at what happened in bitcoin yesterday and what has been said or done about its growth in the past few months or so. Although there were massive selling of Bitcoin into the crypto market starting in late April, they continued to move higher over coming weeks into May before falling back somewhat. Then following two days with big spikes in price, Bitcoin started getting dragged lower on Monday when all major trading platforms including Coinbase and Gemini stopped accepting BTC and other cryptocurrencies. After several swings and roundabouts though, BTC again started rising up towards the upper $1,000’s and even passed the upper $1000’s mark around midday. With large volumes being seen across the world, one would expect BTC to rise some more higher. On Tuesday afternoon, however, we saw even bigger moves towards the $1,200 level for some reasons that I won’t get into here. For now, let’s just say the overall trend could be the reverse of where the cryptocurrency began in May. Nevertheless, that’s still encouraging news that there may be some upside ahead of time.

The second key market that we will discuss is how the stock markets performed today. The Dow fell down 0.24% after close of trade earlier in the day and gave back quite a bit of ground. This left us with the S&P500 which rose 0.31%. This morning on Coinbase and Yandex the pair gained 1.6% each and closed the day at up 2.5%. These stocks look strong because of the continuing strength in economies. They have gotten very little interest lately so that means the majority of investors will likely be happy about their buying power as well. However, it appears as if most companies, regardless of size, market capitalization or potential earnings growth, are facing headwinds from either slowing revenue growth or some other reason that can cause them to slow their profits. With low earnings growth and supply chain problems, it is hard for any company to do anything that can beat their competitors. To put that into perspective, no other technology is expected to grow faster than internet sales in 2019. If that seems like crazy, remember that this is going to happen. It’s inevitable even if we can control the situation ourselves. That only makes us believe that the opportunity is indeed real.

The third thing that was discussed at length last week is something called “the war to the bottom”, as well as a lot of discussion about whether the rally is sustainable. Obviously there can only be a certain point before we end up seeing some decent profit making opportunities for anyone who wants to invest and take advantage of it, but at this point it looks like the upward momentum is not set in stone. So far, the current trends are a bit different and it could be very interesting to see what happens next week at least. Overall, the trend is good for people to take risks and for the economy to work, but the risk is coming from the lack of viable investment opportunities. Still, traders should not underestimate just how much money that will push the market upwards if there is a lot of demand, especially considering that we are going to be spending lots of cash in the near future.

Lastly, this week came along at a busy time for everyone who’s invested in the crypto market and the week ahead looks particularly exciting. More people will be able to get their hands on cryptocurrency by 2020 so now is a great time to start investing and learning all you can about blockchain technology. Even if you don’t realize it yet, you might want to consider it someday soon. In addition to the technical things you need to know, one is always needed knowledge when it comes to marketing and social media. This is a growing industry and you’ve got to understand everything that goes into it for yourself. That being said, my advice is to try to learn what you need to know on your own first, then go onto Facebook pages and Instagram accounts to see what gets shared. There is nothing wrong with trying to find out the answers yourself on the Internet but you also may see some interesting ways to make a name for yourself somewhere. At least try to figure out a way to help out at some small scale if that makes sense.

The week starts off with another important event today, a bunch of ICO’s go live. Since we all love a crowdfunded project, having it go live is worth watching. There is already too much hype on the subject and that’s kind of a turn off to me, so I’ll mostly focus on a couple of ICO’s right now. CoinMarketCap is a web based tool that allows users to search for token listings and buy them directly or through other services like Uniswap. It’s simple, easy to use and gives you all kinds of data that helps to inform you about upcoming projects. Another popular ICO that will go live soon, Neuromation is a service that allows engineers to add artificial intelligence to their products and create AI agents of sorts. Like Coinsheets, this will provide a dashboard for analyzing product and business insights that will be useful to marketers and customer service representatives. Other projects in line include OpenTogglry (a machine learning startup), Lumi.AI (a decentralized marketplace for scientific computing), Numerai.AI (a platform to allow students access to computational resources for online homework), and Vybe.AI (a cloud computing solution). Just keep an eye on the websites of these three ICO’s to stay updated on how much they will be paying and if anything changes. You might even want to learn about what they are.

Next week will also bring some local news that is worth checking out. Ethereum creator Vitalik Buterin is finally launching his own ETH wallet, the ERC20 wallet, on GitHub, a long awaited feature! A few hours ago, he had launched it on Bitcointalk and promised to release it within a few days. He claimed that it is designed to solve issues with Ethereum scaling and scalability, to accommodate more complex scenarios and to help developers build cross-chain applications that run on top of Ethereum. All in all, according to him, this is a huge step forward for Ethereum and he’ll see a huge boost in popularity after launch. Speaking of a whole new wave, Tron, Ripple, Monero, Polkadot and Dash are all getting funded by VC’s and other financial institutions on public or private markets now and they seem like they are all headed for mainstream adoption. One common thing they all share is that they are highly decentralized systems without censorship rules, a very appealing promise for security and for using smaller teams.

This week will also be the beginning of another significant movement in the space of cryptocurrency finance which will change how our world works. According to a press release from Moneyx.com (a digital asset exchange), we will be working on providing a global crypto finance infrastructure that allows third-party developers to develop high-performance crypto apps based on open source protocols. Their aim is to provide innovative solutions for developing crypto businesses that enhance user adoption and drive positive outcomes. What sets them apart is that they combine financial tools with APIs so any developer can build a custom application quickly and easily, provided the underlying code is available. Also, Moneyx is focusing on building solutions used by banks and fintech companies to allow their customers to integrate their cryptocurrency assets, credit cards, bank account information, and even pay utility bills on a single currency. By offering this API layer to their clients, they are making it easier for third party companies to build crypto apps. A nice move given the fact that Ripple is one such example of this type of business model and it has recently decided to introduce their payments solutions on the Ripple network. Finally, by partnering with leading tech giants like Google and Microsoft, the team behind Moneyx hope to increase consumer confidence in crypto currencies.

So as we wrap up this article, a question that begs an answer, and probably even more questions than ever to be answered next year is whether Bitcoin or other cryptocurrencies can still become a serious competitor for the dollar, and maybe even overtake Bitcoin as the dominant cryptoverse. Until then though, all our fingers crossed. Next week is going to be interesting, and I am sure I’ll share more of what happens as we go along. Till then, stay safe! ❤️

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