New Delhi: There was a time when crypto-currencies were making a buzz but now it seems that the market is not responding well to them. After the decline in the month of May, the month of June came without any respite and marked the lowest levels for the crypto-currencies in 2018.
According to news published on newsbtc.com, the total crypto market capitalization declined in June from $330 billion on the first to $245 billion at the end of the month representing a loss of 26 per cent. Almost $85 billion dollars was taken out of the crypto market during the month of June which brought it to the yearly low of $233 billion during the end of June. Markets have witnessed a loss of 72 per cent to this low point in five months since January’s peak.
Bitcoin fell from $7,500 at the beginning of June to a yearly low below $6,000 at the end of it. If the 20 per cent drop wasn’t bad enough the sub $5,800 dip stung a few investors. Trade volume for BTC fell from $4.5 billion to $3.6 billion and market cap at the end of June was a little over $100 billion. The only good news for Bitcoin over the month was the rise of its market dominance to 42.7 per cent.
Ethereum Classic & Binance Coin Dominated the Market in June
Ethereum Classic can only be considered a winner among all crypto-currencies in June because it did not drop and ended the month around the same level as it started, just over $15. Against Bitcoin, Ethereum Classic made 20 per cent in June ending at 246400 satoshis. The boost came from Coinbase which announced that it will soon be supporting ETC trading on its platform.
Binance Coin made a little over 10 per cent in June as traders ditched their altcoins into exchange-based coins or stable coins. Starting the month at $14.15 BNB climbed to $15.65 by the end of it to be the only crypto in the top 30 to make a gain in June.
Other Crypto-currencies marked a downfall in the Month of June
Ethereum got battered in June losing 25 per cent from $575 at the beginning to $430 at the end of the month. ETH usually does a little worse than BTC but not as bad as most of the other altcoins which have all been trounced. Over $14 billion was lost from Ethereum’s market cap as trade volume fell by 25% over the month.
Ripple’s XRP took a 28 per cent hit falling from $0.61 to $0.43 throughout June. News about new partnerships and development for the company and cryptocurrency has a had very little effect on its price. Bitcoin Cash started June at a touch under $1,000 but plummeted to $660 by the end of it resulting in a beating of 34 per cent.
The over-hyped EOS mainnet launch was riddled with bugs and centralization concerns and the ensuing FUD storm caused it to crash 37 per cent in June from $12.25 at the beginning to $7.70 at the end. It reached a low point of $7.20 in June which is almost 70 per cent down from its all-time high of around $23 two months ago at the end of April.
Litecoin has been in a downward spiral for months now and June has been no different. Losing 36 per cent over the month LTC slid from $118 to $75 at the end of it reaching its lowest level since late November. Lumens had an equally bad month falling 38 per cent from $0.29 to $0.18. Cardano fared even worse with a 45 per cent crash from $0.22 to $0.12. ADA has consistently been the worst performing altcoin in the top ten for several months now.
A similar 45 per cent hit was felt by Iota as it plunged from $1.75 to $0.95 over the thirty days of June. Neo also got smashed back to November 2017 levels with a 47 per cent fall from $53 to $28. June has been the worst month for Neo since the rebrand last year. Tron, which had a more successful mainnet launch, could not benefit from price action as it lost 42 per cent from $0.060 to $0.035 in June.
Monero suffered but not as bad with only a 22 per cent drop from $155 on the first to $122 at the end of June. Dash dropped 25% from $305 to $230 and Nem lost 37 per cent fall to $0.15. Other big losers in June included VeChain losing 24 per cent, OmiseGO dropping 30 per cent, Qtum shedding 35 per cent, Zcash getting hammered 37 per cent, Ontology falling 30 per cent, Icon bashed 44 per cent, and rounding out the top 25 Zilliqa losing 32 per cent.
June’s losses were greater than May’s as the bears strangled the markets sending most altcoins to their lowest levels this year and back to November prices. To summarize the only two winners in June were Ethereum Classic and Binance Coin. The losers were pretty much all of the others but those getting hit the hardest for the month were Neo, Cardano, Iota and Icon.
All figures from Coinmarketcap.com