A week of corrections among the crypto markets: Bitcoin corrects its uptrend sharply trading against FIAT. In contrast to the recent significant correction from the end of May, this time the Altcoins do not lose too much of their BTC value. Last week began with a new BTC all-time high close to $3000, following the uptrend from our previous weekly update. But during last days we are experiencing a deep correction that reached its low at $2118, almost loosing third in two days. Support around 2000$ seems to hold and we see stabilization between 2300-2500$ area. The correction was expected after a long way rally. Corrections are signs for a healthy rising market.
The trigger this time is continues discussions over the expected events in Bitcoin in early August. Please note that if there will be fork, all Bitcoins must be transferred from exchanges to a secure wallet. Further estimates and possible impacts – too be updated soon.
Crypto mining is at its peak: designated graphic cards are selling on Amazon at a record price high of 2-3 times their recent price ($600). The world’s inventory is currently sold out, which teaches us about the ongoing hype in the mining market.
Double top? Crypto market cap.
Litecoin: Vising just a week ago support levels around 0.01 BTC, Litecoin is trading now around 0.015 after two bullish days. The Segwit technology, that was applied on Litecoin, along with the expected events in Bitcoin, created strong speculators demand for altcoins for hedging bitcoin.
Etherium: A new all-time high was set this week at 0.153 BTC for one ETH. Big money is being invested toward Etherium and ETH based token sales. Bancor had raised 150 million $ worth of ETH, breaking all-time high record. More than that, the presale lasts only three hours (!). Is it a crypto bubble? maybe.
Augur REP: The forecasting platform (based on ETH blockchain as well) was nicely supported above 0.01 BTC level, the same support that was reported here in April 1st market update. Now facing again the significant resistance of 0.013-0.014 BTC levels. Fundamentalists talk about releasing a working version of the platform this summer. Along with the Etherium hype, Augur is worth paying attention to. Read more about Augur on our featured article.
Tezos: After Bancor, Tezos is aiming to break the records again. The presale is soon to begin, on July 1st. Tezos is a decentralized POS blockchain for smart contracts, which is controlled by the commonwealth. The name comes from the Greek interpretation – a smart contract. Behind Tezos a strong advisory team, among them Is Zooko from Zcash. Visit Tezos website for more information and to get updated by mail or sms when the presale starts.
EOS: Dan Larimer, one of the developers of Bitshares and Steem, develops another smart contract project. There is still no date for the ICO. Learn more – project exposure at Consensus conference last month.