on the crypto
The entire cryptocurrency market experienced a roller coaster month of June. Due to its dominance in the market, Bitcoin's volatility has caused the price of other altcoins to drop.
On June 22, the market fell to $ 1,15 trillion. However, the market ended the month with a market cap of $ 1,4 trillion. This represents a decrease of 12,5%.
June 2021 summary
The decline in the market was caused by the news surrounding the Chinese government. They have taken strict measures to ban cryptocurrency related transactions. The miners in Ya'an, China's Sichuan province, received an inspection notice requesting them to close. Bitcoin's hash rate (which represents the integrity of the blockchain network) has dropped to an eight-month low.
Investors panicked and sold their holdings as a result. Bitcoin has dropped below $ 30.000. This was due to the news of the cross of death. Bitcoin has dropped below $ 30.000.
News surrounding the death cross also posted negative returns for the first consecutive year after trading as low as $ 28.800.
Bitcoin
Bitcoin was traded between $ 30.000 and $ 40.000 between June and July. Although the market is trying to decide which direction it should go, this has not happened so far. The token was trading at $ 28.800 towards the end of the month.
Due to its dominance in the market, investors should follow Bitcoin closely. It is what determines all the performance of the altcoin. Bitcoin's market dominance is 45,4%, which means the market will follow the token wherever it goes. Downtime moments might be best for buy Bitcoins.
Ether
The Ethereum network is second in terms of blockchain after Bitcoin. In June, Ether, the native symbol of Ethereum, suffered a similar blow. It fell 12,65%, almost in line with market capitalization. It also traded at $ 1.750 in the month, but quickly recovered.
Despite the fact that gas tariffs have been relatively low in recent years, upgrading to the network is crucial for the blockchain. Investors will look at Ether's current price levels and use decentralized finance (DeFi) platforms to hedge against rising global inflation.
XRP
RippleNet is a real-time global gross settlement system (RTGS), which allows instant monetary transactions. The US Securities and Exchange Commission (SEC) case against RippleNet made its native XRP token suffer.
Although the SEC accuses the CEO of illegally selling his stake in XRP, Ripple has so far won the suit. The judge refused the SEC to access Ripple's legal advice in its latest win.
The SEC and Ripple are likely to settle the case out of court, as Ripple CEO Brad Garlinghouse said Ripple intended to go public.
PRegarding development, RippleNet has made its way into NFT as SBI Holdings, a financial services firm based in Japan, claims that XRP Ledger can be used in the NFT tokenization of a variety of assets. According to the company's “Current Management Information Briefing”.
