June Roundup: Cryptocurrency Winners and Losers
Another month went by in crypto land but June would be one that most would want to forget. Looking back at the winners and losers from the month does not display a pretty picture for most of them. Following May’s month of decline the bears hit markets even harder in June pushing them down to their lowest levels in 2018.
Total crypto market capitalization declined in June from $330 billion on the first to $245 billion at the end of the month representing a loss of 26%. Around $85 billion dollars flooded out of the crypto market during June which saw it reach a yearly low of $233 billion on the 29th. Since January’s peak markets have lost 72% to this low point five months later, it marks the third lower low and indicates that the bears were in full control as of the end of June.
Bitcoin fell from $7,500 at the beginning of June to a yearly low below $6,000 at the end of it. If the 20% drop wasn’t bad enough the sub $5,800 dip stung a few investors. Trade volume for BTC fell from $4.5 billion to $3.6 billion and market cap at the end of June was a little over $100 billion. The only good news for Bitcoin over the month was the rise of its market dominance to 42.7%.
June Crypto WinnersEthereum Classic can only be considered a winner in June because it did not drop and ended the month around the same level as it started, just over $15. Against Bitcoin Ethereum Classic made 20% in June ending at 246400 satoshis. The boost came from Coinbase which announced that it will soon be supporting ETC trading on its platform.
Binance Coin made a little over 10% in June as traders ditched their altcoins into exchange based coins or stablecoins. Starting the month at $14.15 BNB climbed to $15.65 by the end of it to be the only crypto in the top 30 to make a gain in June.
June Crypto LosersEthereum got battered in June losing 25% from $575 at the beginning to $430 at the end of the month. ETH usually does a little worse than BTC but not as badly as most of the other altcoins which have all been trounced. Over $14 billion was lost from Ethereum’s market cap as trade volume fell by 25% over the month.
Ripple’s XRP took a 28% hit falling from $0.61 to $0.43 throughout June. News about new partnerships and development for the company and cryptocurrency has had very little effect on its price. Bitcoin Cash started June at a touch under $1,000 but plummeted to $660 by the end of it resulting in a beating of 34%.
The over-hyped EOS mainnet launch was riddled with bugs and centralization concerns and the ensuing FUD storm caused it to crash 37% in June from $12.25 at the beginning to $7.70 at the end. It reached a low point of $7.20 in June which is almost 70% down from its all-time high of around $23 two months ago at the end of April.
Litecoin has been in a downward spiral for months now and June has been no different. Losing 36% over the month LTC slid from $118 to $75 at the end of it reaching its lowest level since late November. Lumens had an equally bad month falling 38% from $0.29 to $0.18. Cardano fared even worse with a 45% crash from $0.22 to $0.12. ADA has consistently been the worst performing altcoin in the top ten for several months now.
A similar 45% hit was felt by Iota as it plunged from $1.75 to $0.95 over the thirty days of June. Neo also got smashed back to November 2017 levels with a 47% fall from $53 to $28. June has been the worst month for Neo since the rebrand last year. Tron, which had a more successful mainnet launch, could not benefit from price action as it lost 42% from $0.060 to $0.035 in June.
Monero suffered but not as badly with only a 22% drop from $155 on the first to $122 at the end of June. Dash dropped 25% from $305 to $230 and Nem lost 37% falling to $0.15. Other big losers in June included VeChain losing 24%, OmiseGO dropping 30%, Qtum shedding 35%, Zcash getting hammered 37%, Ontology falling 30%, Icon bashed 44%, and rounding out the top 25 Zilliqa losing 32%.
June’s losses were greater than May’s as the bears strangled the markets sending most altcoins to their lowest levels this year and back to November prices. To summarize the only two winners in June were Ethereum Classic and Binance Coin. The losers were pretty much all of the others but those getting hit the hardest for the month were Neo, Cardano, Iota and Icon.
All figures from Coinmarketcap.comPrevious months: February | March | April | May