After registering losses at the end of last week, continuing into Saturday, the crypto market showed a trend reversal yesterday, as both Bitcoin and Ethereum recovered slightly. The trend was market-wide, with most of the top 20 currencies showing gains, including brand new cryptocurrency EOS, which skyrocketed into 9th place.
Ethereum still not back over $300
The Ethereum seesaw continues: After breaching the $300 mark again last week, the world’s second-largest cryptocurrency fell below the mark on Friday and continued its decline into Saturday, reaching as low as $250. However, the trend was reversed yesterday, as Ethereum started climbing again, nearing the $290 mark this morning.
Will Bitcoin reach $2,500 again soon?
Bitcoin displayed a pattern very similar to that of Ethereum, ending last week in the red and showing a trend reversal yesterday. The currency was trading just above $2,450 this morning and if it continues this trend, should breach the $2,500 mark yet again soon. Bitcoin and the rest of the crypto market could soon achieve increased stability in the US, as the Uniform Law Commission has announced that it will vote on drafting a Virtual Currency Act when it next meets on July 14th.
New crypto EOS shoots into top 10 following ICO
Block.one, a blockchain startup aimed at enabling quick integration of blockchain technology into businesses, has set a new record, raising $185 million during its five-day ICO. Block.one’s token, EOS, leaped nearly 300% from its initial offering price, reaching a market cap of more than $600 million and positioning itself as the world’s 9th largest cryptocurrency as of this morning. The currency is designed for unprecedented scalability, liquidity and commission-free instant processing, which gives it an advantage over most existing cryptocurrencies.All trading involves risk. Only risk capital you’re prepared to lose. The information above is not investment advice.