What a difference a week makes…

Last Friday, June 23, Bitcoin and 19 of the 20 leading cryptocurrencies showed an increase in their values. In the case of Bitcoin, the increase was barely 1.64%; however, this placed it above the barrier of 3,000 dollars, a truly historic fact. Investors are excited about this occurrence and have traded for just over $ 1 million over the weekend., keeping the capitalization market on around $ 44.9 billion.

In the case of Ethereum, its value is 1.57% higher, and its price was at 345.12 dollars on Friday. This cryptocoin is available with the current amount of 90 million coins and a total changed volume of 216,461,301.6 dollars to date.

Other coins that have grown in small percentages have been Ripple (3.76%), Litecoin (0.40%), Ethereum Classic (4.30%) and NEM (5.38%). Remember that Ripple managed to displace Ethereum as the second most capitalized virtual currency and now even threatens to pair up with the volume of Bitcoin in the market, according to analysis and projections of specialists.

Litecoin, on the other hand, a few months ago had lost its place among the four most capitalized currencies in the market, but has now returned to the race quoting its highest value of the coin since July 2015. Ethereum Classic began to rise since it announced the realization of the first Initial Currency Offer hosted on its platform through its official Twitter account on June 19 of this year, and NEM continues its journey to the heights. Just by looking at the jump of their capitalization market, we can see that two months ago it was just over 1 billion dollars, and today it is 9 billion dollars.

Among others, we can also say that Dash, one of the most remarkable increased cryptocoins, rose by 4.46% and IOTA, the new and promising Internet currency, grew by 6.73%. However, of the group of 20 main currencies, the highest percentages were attributed to Bytecoin in 14.76%, Stratis in 11.99%, Golem in 10.34% and Steem in 10.05%.

Now, even from this latter group, the most winning coins are Bytecoin and Stratis, with important gains in their quotation. With an estimated valuation of about 800 million dollars, Bytecoin (BCN) shows a price of 0.28 cents or 0.00000104 BTC at the moment, with transactions for more than $ 20 million made over the last 24 hours. In recent days the platform of this asset was vulnerable to a code error that allowed the unlimited generation of coins, a problem that a quick update was able to correct and bring back to normality.

Two weeks ago Stratis was among the top ten electronic coins and ever since that moment it has done nothing but continue to elevate its price. It seems that this significant rise in this cryptocurrency is caused by the potential for scalability of the same, as experts have pointed out. Stratis is one of those cryptocurrencies which has endured the downturn suffered by most of the cryptocurrencies recently and maintains an excellent value while creating strong expectations among investors.

Only Iconomi, the cryptocurrency which goes in the 17th position suffered a decrease last Friday. Its price fell 12.84%, and its price is now 4.74.

Since that date we have seen bitcoin retrace all the way back to $2200, before recovering to $2500. We’ve seen the strains put on the ethereum blockchain cause transactions to slow dramatically and we’ve seen the market capitalisation of all coins decline by over $10bn to $99.6bn (to put this in perspective just a year ago the market capitalisation of the entire coin complex was just $12bn).

Some have been calling this the beginning of the end for cryptocurrencies, others a long needed break from their non-stop meteoric rise. We believe that a period of consolidation, rather than marking the end of a bubble, in fact signals underlying health in the market. A pause of 3-6 months would be a good thing to remove some of the froth from the market. It will also provide an opportunity to see which coins have genuine acceptance and value and which are destined to decline.

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