For this moment, the second quarter of 2020 is ending, and it is time to analyze the performance of the main cryptocurrencies in the market. Specifically, we will analyze the trend of Bitcoin, Ethereum and Ripple during the month of June.
Let’s talk about trend: Bitcoin, Ethereum and Ripple
Both BTC, ETH and XRP lead the ranking of cryptocurrencies by market capitalization. The three cryptocurrencies in turn have quite different uses and somewhat different from each other as many of us know.
At first glance, if we compare the Bitcoin, Ethereum and Ripple price charts we will notice that they seem to have followed a somewhat similar pattern, where what varies is how steep the peaks and valleys are.
Of the three, the one that seems to have had the most volatility was ETH, while BTC remained throughout the month without considerable or significant changes.
The coincidences can be found by seeing how the highest market prices and volumes for the three cryptocurrencies took place in the first days of the month. Right now both BTC, ETH and XRP are at their monthly low.
Ethereum presented for a slight moment a value of US $ 251, however the force lost it until June 24 where it was very close to this monthly maximum, but could not exceed it. On that day ETH changed hands to a value of US $ 248. At the time of writing this publication ETH has lost approximately US $ 22.
BTC, what happened in June?
Later, we see that Bitcoin only touched $ 10,000 for a short period at the beginning of the month. The following days, the value of this cryptocurrency was approaching this resistance, but not enough to break it and definitely start a bullish rally.
Since then as of this writing, BTC has lost approximately $ 1,003. However, in the chart we will see that the price fluctuations were quite stable, something not so common in BTC.
The most commented this month regarding the trend of Bitcoin is that there really was no outstanding one, since it remained in a kind of side market most of the time.
The drop seen after June 26 is due to the market absorbing the more than 115,000 BTC option contracts that expired that day. In this way, its future perspective has been readjusted.
The price is expected to continue with little fluctuation over the next month before a massive change. However, the short selling trend can affect this “stability” and replace it with a downward movement.
The fundamental thing to observe what happens with Bitcoin is that most altcoins tend to closely follow the price movement of this cryptocurrency.
Ripple (XRP) in retrospect
Finally, by closely observing the performance of Ripple during June. Over the course of the past 48 hours, the price of XRP fell by more than 4 percent, and is now at $ 0.179.
At a general level, Ripple maintained some stability during the first two weeks of the month, fell considerably in the third, and has gradually decreased from there until reaching the monthly minimum that we find today.
If the downtrend continues, XRP is likely to test support at $ 0.171. However, if the bullish momentum were to bail out the currency or BTC were to boost, this could infect the XRP market and hit $ 0.193.