Monday Market Analysis
June has started well for cryptocurrency markets, with green across the board this weekend. The combined market cap of all digital currencies rose to $354b, a 16% increase from last week’s low of $304b.
Ethereum was the strongest performer, rising 17% from a low of $517 to a strong $607 this morning. Since the weekend highs prices have stabilised, with some digital assets seeing a small correction after strong growth
Iota is one such currency, falling from Sunday’s $2 to $1.70 today. While prices are settling with one and two percent decreases, the weekend’s growth likely represents a turnaround for investor confidence in the market.
Why could this be?
The last few weeks have seen a steady stream of positive news announcements from across the industry, including positive noises from regulators. Announcments of technology upgrades and positive analysis from both mainstream media sources and experts within the industry have also contributed to a buoyant mood.
Investor confidence is growing, and many crypto watchers are expecting an imminent reversal of the January cryptocurrency winter that saw the total market cap halve. Whether this week will see the return of the long-awaited bull market is not yet clear — early indicators, for their part, are certainly promising.