Digital Asset Insights 13.06.23

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This post was originally published on Trademakers

courtesy of trademakers

It’s a new week and another opportunity to make informed decision about your digital assets and cryptocurrency investments. This report will keep you updated on the trends and analysis of the leading cryptocurrencies.

Bitcoin (BTC)

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Bitcoin, the world’s leading cryptocurrency, experienced another day of price volatility on June 10, 2023. The digital asset started the day at $25,844.0 and reached a high of $26,525.1, but ultimately closed at $25,468.3, representing a decline of 2.40%.

 

This recent price drop comes after a brief period of stability in the market. On June 9, Bitcoin opened at $26,479.3 and traded within a narrow range throughout the day. It closed slightly lower at $26,326.7, indicating a marginal decrease of 0.08%.

 

The day prior, on June 8, Bitcoin showed some upward momentum. Opening at $26,501.1, the cryptocurrency climbed to a high of $26,784.4 before settling at $26,231.3. This represented a gain of 0.60% for the day.

 

However, the preceding days were marked by significant price fluctuations. On June 7, Bitcoin experienced a sharp decline of 3.26%. Starting at $26,342.5, the price plummeted to a low of $26,141.0, closing the day at $27,230.2. Trading volume remained high at 77.48K.

 

In contrast, June 6 witnessed a notable surge in Bitcoin’s value. Starting at $27,230.2, the cryptocurrency climbed to a high of $27,325.2, registering a gain of 5.76%. It closed the day at $25,425.6, with a trading volume of 88.61K.

 

Looking back to June 5, Bitcoin opened at $25,747.4 and rose to $27,125.5, reaching a high of $27,125.5 before closing at $25,437.5.

Ethereum (ETH)

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On June 5, Ethereum opened at $1,811.20, accompanied by a trading volume of 588.61K ETH. Throughout the day, the cryptocurrency experienced a range of highs and lows, with a peak of $1,890.53 and a dip to $1,782.82. These price swings set the stage for a week of uncertainty, leaving market participants on edge.

 

The following day, June 6, brought a momentary glimmer of hope as Ethereum’s price surged to $1,884.17, representing a 4.03% increase. However, the market quickly reversed course on June 7, witnessing a sharp decline of 2.76% that brought the price down to $1,832.10. Ethereum’s struggle continued into June 8, although a modest recovery of 0.74% brought the closing price to $1,845.68.

 

June 9 saw Ethereum’s price facing another minor setback, dropping by 0.29% to settle at $1,840.41. The cryptocurrency market continued to test investors’ nerves on June 10, with Ethereum experiencing a significant decline of 4.83%. It closed the day at $1,751.56, leaving many investors concerned about the short-term prospects for the cryptocurrency.

 

On June 11, Ethereum’s price fluctuated within a relatively narrow range. It opened at $1,752.80, briefly touching a high of $1,775.87, but ultimately closed the day at $1,740.02, reflecting a marginal increase of 0.07%. The trading volume stood at 232.04K ETH, suggesting a cautious approach by traders in the face of recent volatility.

Ripple (XRP)

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XRP, the digital asset commonly associated with Ripple, has demonstrated its resilience in the face of recent market volatility. Starting from June 5, 2023, XRP experienced significant price fluctuations, reflecting the challenging conditions prevailing in the cryptocurrency market.

 

On June 5, XRP opened at $0.50896, with a trading volume of 808.20M XRP. The day witnessed a high of $0.54246 and a low of $0.49048, indicating a high level of volatility. However, XRP’s ability to weather the storm became evident over the following days.

 

June 6 saw a positive turn for XRP as its price climbed to $0.52989, representing a 4.11% increase. This upward momentum continued on June 7, although the gain was modest, as XRP closed the day at $0.51828. However, June 8 brought a slight recovery, with XRP reaching $0.52377, reflecting a 1.06% increase.

 

June 9 marked another positive movement for XRP, as its price rose to $0.53799, a gain of 2.72%. The bullish sentiment continued on June 10, as XRP’s price reached $0.53798, suggesting further potential growth. However, the market sentiment quickly shifted, and XRP experienced a decline of 5.79%, closing the day at $0.50682.

 

On June 11, XRP exhibited its resilience by bouncing back with a 2.75% increase. It opened at $0.52074 and briefly touched a high of $0.52888, before closing at $0.50304. The trading volume stood at 302.45M XRP, indicating a cautious approach by traders.

Cardano (ADA)

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Starting on June 5, Cardano opened at $0.3515, with a trading volume of 125.69M ADA. The day witnessed a high of $0.3791 and a low of $0.3469, showcasing the high levels of market volatility. Unfortunately, the volatility persisted over the following days, contributing to an uncertain trading landscape.

 

June 6 brought a glimmer of hope for Cardano as its price rose to $0.3530, representing a modest increase of 0.43%. However, the market sentiment quickly shifted, and on June 7, Cardano faced a significant decline of 8.71%, closing the day at $0.3180. The downward trend continued on June 8, albeit with a minor recovery of 0.13%, as Cardano closed at $0.3227.

 

June 9 marked a challenging day for Cardano, with the cryptocurrency experiencing a sharp decline of 8.54%. It closed the day at $0.2907, reflecting the uncertainties and market pressures at play. The situation worsened on June 10, as Cardano faced another significant drop of 6.84%, closing at $0.2225. These fluctuations have left investors and traders on edge, seeking stability in the midst of market volatility.

 

On June 11, Cardano continued to face challenges as it saw a further decline of 1.08%. It opened at $0.2720, briefly touching a high of $0.2796, but ultimately closed the day at $0.2593. The trading volume stood at 322.69M ADA, indicating caution among traders in response to recent price movements.

Solana (SOL)

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Solana opened at $20.000, accompanied by a trading volume of 8.37M SOL on June 5. The day witnessed a high of $22.052 and a low of $19.353, reflecting the considerable price swings within a single trading session. Unfortunately, the volatility continued over the following days, subjecting Solana to a series of ups and downs.

 

On June 6, Solana showed resilience as its price climbed to $20.390, representing a 1.95% increase. However, market sentiment quickly shifted, and on June 7, Solana faced a significant decline of 8.65%, closing the day at $18.527. The downward trend persisted on June 8, albeit with a modest recovery of 1.42%, as Solana closed at $18.892.

 

June 9 brought further challenges for Solana, as the cryptocurrency experienced a sharp decline of 7.91%. It closed the day at $17.125, reflecting the uncertain market conditions. The situation worsened on June 10, as Solana faced another significant drop of 10.20%, closing at $13.330. These fluctuations have left investors and traders cautious, seeking stability amidst market volatility.

 

On June 11, Solana continued to face challenges, seeing a further decline of 0.46%. It opened at $15.551, briefly touching a high of $16.142, but ultimately closed the day at $15.142. The trading volume stood at 7.04M SOL, indicating a cautious approach by traders given the recent price movements.

Tether (USDT)

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Tether (USDT), the popular stablecoin, has maintained its stability with minimal price fluctuations since June 5, 2023. The past week has witnessed consistent performance, bolstering confidence among investors and traders in the stability of the digital asset.

 

Starting on June 5, Tether opened at $1.0002, with a trading volume of 154.85M USDT. The day saw a high of $1.0004 and a low of $0.9996, reflecting the tight range within which Tether traded. This trend of stability continued throughout the week, as Tether demonstrated minimal price fluctuations.

 

On June 6, Tether opened and closed at $1.0001, experiencing a slight decline of 0.02%. June 7 and 8 saw similarly steady performance, with Tether opening and closing at $1.0001 and $1.0006, respectively. These minor price movements showcased the resilience of Tether as a stablecoin, maintaining its pegged value to the US dollar.

 

June 9 brought a slight decline of 0.04% for Tether, as it opened and closed at $1.0002 and $1.0000, respectively. However, market conditions quickly stabilized, and on June 10, Tether exhibited a 0.03% increase, opening and closing at $1.0005.

 

On June 11, Tether continued to display its stability, with a minimal price decline of 0.03%. It opened at $1.0002, briefly reaching a high of $1.0010, and closed the day at $1.0002. The trading volume stood at 31.90M USDT, indicating a steady market with a balanced demand for the stablecoin.

Binance Coin (BNB)

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On June 5, BNB opened at $277.10, accompanied by a trading volume of 1.14M BNB. The day witnessed a high of $305.10 and a low of $272.41, reflecting the significant price swings within a single trading session. However, the volatility continued over the following days, subjecting BNB to a series of ups and downs.

 

On June 6, BNB demonstrated resilience as its price climbed to $281.11, representing a 1.45% increase. However, market sentiment quickly shifted, and on June 7, BNB faced a significant decline of 7.79%, closing the day at $254.65. The downward trend persisted on June 8, albeit with a modest recovery of 1.04%, as BNB closed at $257.33.

 

June 9 brought further challenges for BNB, as the cryptocurrency experienced a slight decline of 0.54%. It closed the day at $255.91, reflecting the uncertain market conditions. The situation worsened on June 10, as BNB faced another significant drop of 8.37%, closing at $230.76. These price fluctuations have left investors and traders cautious, seeking stability amidst the market volatility.

 

On June 11, BNB continued to face challenges, experiencing a further decline of 1.39%. It opened at $235.39, briefly touching a high of $239.29, but ultimately closed the day at $233.64. The trading volume stood at 430.82K BNB, indicating a cautious approach among traders given the recent price movements.

The post Digital Asset Insights 13.06.23 first appeared on trademakers.

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