Crypto Wrapped: May 30th — June 5th
It was a tale of two halves — going on three — in crypto last week. Many markets across the board were dumping towards the end of the day on June 1st, but come Sunday night a solid price surge saw buyers driving the market. This was all after a start to the week in which Bitcoin finally got above $30k and markets looked like they were going in the right direction. WAVES managed to double in value over the course of the week, and while there was still some volatility in many major tokens, there was potential for both buyers and sellers to have had a good week — provided they were on the right side of the market.
Typically, a new month brings optimism and positive thinking. That couldn’t be said for the majority of crypto markets on June 1st however, as traders took the lead from their stock counterparts and sellers ruled the market. This was sandwiched between what was a pretty positive end of May, and a small resurgence come the end of June’s first week — so the story wasn’t all negative by any means. There was more than enough opportunity for short term traders to take advantage of rising and falling prices, and actually, some tokens had a pretty good week — with no bad sandwich filling in the middle.
Bitcoin finally made its way above $30k at the start of the week, however its joy proved to be short lived. Trading above $32k as May came to a close, BTC fell to mid $29k come the end of June 1st, signalling a fall of close to $3k in the space of 24 hours. No major news on the market broke during this time, so it looks like the market was taking the lead of global stocks that also struggled on this day. With that said, Bitcoin ended the week just above $30k, and then started to climb upwards. All in all, the market is still down for HODLers and there are lots of factors from both inside crypto and outside that are pulling the market in various directions. It’s been a good start to the new week, though.
Ethereum had a tough week however, and any buyers believing a resurgence was finally coming were brought back down to earth come the June 1st price drops. ETH fell from close to $2k to under $1.8k in a few short hours, and worse was to come for Ethereum as it traded below $1.8k for the majority of the remaining week without breaking through that price ceiling. The second most popular crypto has rallied in the first hours of the new week, but the $3k price point of late April still feels one big bull market away.
Not everybody had the same week as BTC and ETH, however. Cardano, the proof-of-stake blockchain platform with a very popular associated crypto token, had one of the biggest resurgences on the market, up over 20% on its week-on-week position. Starting at $0.51, ADA closed the week trading at $0.62 and has started this new week with a flurry. Long term holders will have the $0.75 mark in their sights, which ADA was trading at only a month ago, and new entrants to trading could do worse than Cardano as an alternative to the big two.
WAVES nearly doubled in price across the week, in a tremendous success story for the crypto market amongst the volatility. Starting at $4.30, the popular crypto peaked as high as $10.96, proving that not every token followed the flow of the market. What will please investors is that it remained solidly close to the $8 mark for the majority of the week, owing to some positive developments about its blockchain technology in recent days. It is worth noting that WAVES has also faced similar issues to the infamous Terra previously, with its stablecoin Neutrino USD losing its peg back in April. However, Waves managed to revive the coin and it remains pegged at 1:1 — maybe this is something that has potentially bought it some favour?
The Luna 2.0 project is well and truly up and running, replacing what is now Terra Classic as its leading token. Terra Classic is still hanging around, trading at $0.00008. The token continues to lose value by the day, with