The cryptocurrency market practically won back the negative from China, as a result of which numerous mining companies, as well as the large crypto exchange Huobi, stopped working. The capitalization of the crypto market has been growing for the second time in a row, and over the past day, the value of all coins has grown by 5.5%, reaching $1.7 trillion.
Ethereum began to show positive and stable dynamics, which slowly leaves the local range and is approaching an important psychological mark. The asset has risen in price by 15% in 24 hours and is quoted at $2,820. Narrower price dynamics and daily trading volumes of $80 billion indicate a stable interest in cryptocurrency. Soon, ethereum will try to overcome the $3,000 mark and gain a foothold above it. The last time the coin approached this level was on May 19, as part of a powerful collapse in quotes. Given the current dynamics of the horizontal charts, there is no doubt that ethereum is moving in an upward trend and will soon successfully gain a foothold around the $3,000 mark. The cryptocurrency begins to move towards a historic high on the eve of the imminent renewal of the asset network, which will significantly increase the institutionalization of ETH. The positive was added by the former executive of the investment giant Guggenheim Partners, Todd Morley, who said that the ethereum ecosystem is developing much faster than bitcoin and can soon take a dominant position in the market. Recall that as of May 26, the share of ETH in the market is 18.4%.
Excellent growth dynamics is shown by the XRP/USD pair, which yesterday made several unsuccessful attempts to retest the $1 mark. As of 12:00 UTC, the token has risen in price by 12% and managed to gain a foothold in the region of $1.2. Having consolidated the success of several days, the asset consolidates the price in this section in order to soon start moving towards the level of $1.4-$1.5, where the cryptocurrency had difficulties. Despite its rapid growth, the token lacks a strong news momentum, like another news from the courtroom between Ripple and the SEC. The crypto asset will soon try to test the next difficult border, but it is unlikely to be able to conquer it without powerful information support.
Litecoin, which has come close to the psychological threshold of $200, is also very successful today. The cryptocurrency has risen in price by 16.5% per day, hovering around $199. The coin needs to gain a foothold above the $200 mark to be able to quickly overcome the buffer zone to the next mark of $230. Judging by the horizontal charts, if LTC fails to break through the round mark, then the asset has every chance of falling to $270, from where the cryptocurrency began to grow continuously to its current positions. Judging by the fact that the first test of the $200 mark ended in minimal failure (the asset reached $202, but rolled back to $198), there will be no problems with overcoming the designated milestone in the near future.
The main positive on the market was the positive conclusion of Elon Musk's meeting with representatives of North American mining companies. Soon, this area of the crypto industry will become more environmentally friendly, which will neutralize a significant part of the criticism of digital coins, and will also increase the range of interaction between large companies and cryptocurrencies. Another major event, also aimed at safer use of crypto assets, was the application to the SEC of the management company One River for the creation of the first-ever green Bitcoin ETF. The crypto market is reacting to excessive criticism and mining problems due to the stance of the Chinese authorities. As a result, the industry is adapting to the circumstances that have arisen, which inspires positive investors who are again building up their positions in the crypto market.
