Crypto price analysis: Tether, NEO, DASH, Monero, Binance coin, NEM, VeChain; June 16
Cryptocurrency prices have had a slight reduction compared to yesterday’s trends. Most currencies are trading today after having a dip of 1% to 5% over the last 24 hours. However, the dip isn’t as significant as it was over the past week, where most of the cryptocurrencies saw a decrease in value of approx. 15% to 25%.
The overall market capitalisation that had increased yesterday by $16 billion is back to square one today. At the moment of writing, the overall market cap was $278.72 billion. The 24-hour trading volume has also significantly decreased, going down at $12 billion. Compared to yesterday, the decrease is a whopping $5 billion
The positive thing for the entire crypto community is that the Security and Exchange Commission released a press statement that it doesn’t consider Bitcoin and Ethereum to be a security. This further strengthens the hold of both the coins on the crypto markets. As soon as the announcement was made, it resulted in a positive growth of almost all cryptos by 2% to 5%. Let’s take a look at how the coins have been performing today.
Tether (USDT) saw a significant increase in its market cap for the first time in almost a month. The last time it saw such a hike was on May 18, where it increased by over $200 million. Yesterday, at 23:18 UTC, Tether’s market cap increased by $100 million.
The increase has had both negative and positive effects. Tether’s value had increased against the trade of Bitcoin by 1.6%. However, its 24-hour trading volume has plummeted by close to $800 million.
Market cap: $2.615 billion
24-hour volume: $2.121 billion
It’s all downhill for NEO today as the coin has miserably failed to counter its fall that started yesterday. The coin’s trading volumes have also decreased, pushing its value down by 3.81%. Its value against Bitcoin has decreased by 2.05%.
NEO hasn’t been able to make the most of its critical support value of $42.5, which is why the coin has made several failed attempts at getting over the barrier. Further, if it slips below its next critical support level of $35.8, it could plummet down to as low as $33 within a short span of time.
Market cap: $2.48 billion
24 hour volume: $64.83 million
Dash coin had a huge fall yesterday at 16:45 UTC. The coin fell from a price of $269.18 to $256.69 in a matter of a few minutes. However, since then, its value has been fluctuating within a small margin. The coin’s value has decreased by 3.2% over the last 24 hours.
The coin’s upper critical support value is $280, which it is failing to touch over the past 6 days. If the coin makes it past this value, the chances of it going on to $300 are very high.
Market cap: $2.112 billion
24 hour volume: $35.63 million
Monero has been a decent performer today. Though it has had a couple of sudden upsurges and dips in value, its overall loss adds up to just 0.78%, which is not bad considering the current bearish trends. Also, its trading volumes have seen a healthy increase, pushing it up to $38 million.
Monero has fallen from its upper critical support level of $140 and hasn’t been able to penetrate the barrier from the past 4 days. As of now, it is close approaching its lower critical limit of $118, which is not too far from its current value of $126.74.
Market cap: $2.045 billion
24 hour volume: $38.63 million
Binance coin (BNB)
Binance coin has the highest increase in value today among the top 20 coins. As of now, its increase in value is 4.66% against USD, 6.45% against BTC and 5.07% against ETH. Despite experiencing a slight decrease in price at 1:14 UTC, the coin made a good recovery, putting it at a current trading price of $15.64.
Surprisingly, the trading volumes haven’t had any change throughout the day and seem to be pretty stable. It is well clear of its lower critical support of $13.8 at the moment.
Market cap: $1.779 billion
24 hour volume: $812.1 million
NEM had a downward graph at the beginning of the day. This caused the coin’s price to reduce by approx. 2.6%. However, during the second part of the day, the coin is holding value and seems to be stable against the bearish trends.
The trading volumes for NEM have taken a beating as they have been reduced from $14.08 million to $9.12 million over the last 24 hours. The next critical support value of NEM is $0.18. The coin could stoop down to as low as $0.15 if it doesn’t manage to stay above the limit.
Market cap: $1.752 billion
24 hour volume: $9.122 million
After the crash that took place over the last few days, VeChain has been trying its best to make a comeback. It has managed to stabilise itself and also increase in its price by a small margin today. Though there have been several fluctuations in its value, the ultimate result for the coin is a positive gain.
Impressively, the trading volumes have been rock solid for the coin. It is close approaching its upper critical support limit of $3.10. If the coin gets past this number, the chances of it rising all the way up to $3.35 are very likely.
Market cap: $1.605 billion
24 hour volume: $97.28 million
Image via Shutterstock and Coinmarketcap
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