3 hours ago | Jon Nielsen

Bulls Prevail as Market Adds $40B, Bitcoin Surpasses $9,000 - Weekly Crypto Recap June 16, 2019

The crypto market recorded an impressive rally

The positive sentiment returned this week as the cryptocurrency market added more than $40B over the seven day period. The total market cap stood at around $242B early on Monday, and jumped to around $254B later in the day as Monday ended with the total cap fluctuating at around the same amount.  

Outside of a brief dip on Tuesday, the market generally moved in an upward direction over the week and hit $260B on Wednesday evening before touching $265B on Thursday. The total cap then fluctuated close to this figure until late on Friday when the total cap hit $270B just before the day closed out. The positivity has continued over the weekend as the market has improved by 5.5% and added another $15B in value since early on Saturday. 

The daily trading volume stood at $71B on Monday and went on to touch the same figure again on Thursday. The 24 hour daily trading volume currently stands at $72B while the total market valuation stands at $285B. 

Rather unsurprisingly, all the top coins were in the green, and Bitcoin grew by 17.8% while Ethereum gained 14.8% in value. Litecoin appreciated by 16, while EOS and Bitcoin Cash both posted similar performances.

Among the top 100, Energi was the top performer with a 72% jump, however much of the news was dominated by ChainLink after an explanation of how to use the oracle service was posted on a Google blog. This led to LINK increasing by 62%. MimbleWimble representative Grin, Egretia and Bytom completed the top 5 gainers list. 

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Bitcoin surpassed $9,000

Bitcoin picked up in price significantly over the week, and threatened to hit the $10,000 mark. BTC opened up trading at around $7,750 and went on to close out Monday at $8,000. After dipping slightly on Tuesday, the price of BTC entered into a positive trend for much of the following week and grew consistently to hit $8,300 on Thursday. BTC stood at $8,350 on Friday lunchtime and grew by 4% to hit $8,690 later in the evening before hitting $8,850 on Saturday.

A late surge has seen BTC break the $9,000 barrier and touch $9,300 as the week comes to a close. 

Bitcoin’s daily trading volume stood at around $17B on Monday and hit $17.85B on Saturday. The 24 hour trading volume currently stands at $19.8B while BTC is trading at $9,230 and retains a market cap of $164B. Bitcoin also enjoys a dominance of 57%. 

Ethereum is approaching $300

Ethereum started out trading at $233 and rose by 5.1% to close out Monday at $245. Wednesday saw ETH gain over $10 and move from $245 to $257, as around 4.8% in value was gained over the day. The price of ETH then fluctuated at around $260 until Friday when it began to retrace slightly.

However, the weekend brought a return to positive price movements and ETH hit $266 on Saturday before growing by a further 4.8% and going on to touch $279 during Sunday morning. 

Ethereum’s daily trading volume stood at $6.5B on Monday and revisited this amount on Thursday before hitting $6,9B on Saturday. The 24 hour trading volume currently stands at $7.3B, while ETH is trading at $273 and retains a market cap of $29.1B. 

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