Saturday, June 16: after a slight rebound Thursday, crypto markets are experiencing a similarly slight decline, with all of the top ten coins by market cap down by one to three percent in 24 hours to press time.
Market visualization from Coin360
Bitcoin (BTC) is down about half a percent over the 24 hour period, trading at $6,530 at press time. The cryptocurrency has seen significant fluctuation this week, coming down from $7,623 June 10 to as low as $6,267 on June 13. Today, the coin has retraced some of those losses.
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum price chart. Source: Cointelegraph Ethereum Price Index
Total market cap remains somewhat low, currently at $277 billion, according to Coinmarketcap. Crypto markets have lost around $63 billion in total this week.
Total market capitalization chart. Source: Coinmarketcap
EOS is one of the more affected coins among the top ten: shedding about 3 percent in 24 hours to press time, it’s currently trading at $10.72. Today EOS Mainnet has experienced a “freeze”, resulting in some downtime. The leading block producers (BPs) of the network are reportedly working on a solution to the issue.
While the top ten coins are experiencing some downward pressure, there is a number of altcoins that are moving in the opposite direction.
On June 15, Fundstrat’s head of research Thomas Lee linked the recent decline in Bitcoin with the expiration of Bitcoin futures. Lee explained that the latest drop coincided with just one of the six expirations of Bitcoin futures that have happened since the Chicago Board Options Exchange (CBOE) launched Bitcoin futures trading in December 2017.