Market Update Jun.2
We have not yet reached the middle of 2017 and Bitcoin is worth $ 2400. The Consensus conference is over and immediately it was followed by some red candles among the bitcoin and the crypto markets. Bitcoin suffered from a huge correction from the new all-time high around $2800 down to weekly low at $ 1850. A healthy market needs such corrections, so far so good as bitcoin is stabilizing on top $2000 level. Where will it end? 3000 USD per one bitcoin suddenly seems closer than ever. As for the political issues, we are not taking sides. In the meantime, it seems it’s not so urgent to find a solution.
The following graph shows the positive correction in the crypto market cap:
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Etherium: ETH is in record breaking week: As we expected in our previous market update, 0.1 BTC was reached very quickly. The main reason for the last positive wave is the two major Chinese exchanges (OKcoin and Houbi) added Etherium to their exchange. In addition, lots of ICOs on top of the Etherium platform, many of them require Ether in order to participate in the crowdsale. This leads to massive demand for Etherium. The dollar exchange rate jumped to a new high of $ 227 per ETH, and currently is trading around $ 210 value. Who remembers the psychological resistance at $ 100 just a month ago … In the next graph you can see that Ether is in a downward correction. In the long term there is still no change.
DASH: Before the last Bitcoin Rush, Dash just multiplied its value by ten during a very short time. Since then it has lost about 60% from the all-time high. At the moment it seems like a kind of floor stabilized around price of 0.055 BTC.
STEEM: This altcoin is on our watch list for a long time. Recently trading volume has increased sharply and positive news came from its developers as they are working on colored coins on top of STEEM platform. Looking at Steem’s graph, from the top we have strong resistance level at around 0.00065 BTC.