Crypto-Market Gains $50 Billion: EOS (EOS), Cardano (ADA) and IOTA (MIOTA) Lead The Charge
To be simplistic with respect to the Crypto-market this Sunday, most of what a trader sees is Green! Most coins and tokens are recovering from the recent low levels experienced on Tuesday, 29th of May. On that date, Bitcoin (BTC) reached recent lows of $7,109 and took down the rest of the Crypto-market with it. The total market capitalization dropped to $303 Billion on the same day. However both BTC and the crypto market have improved. BTC is currently trading at $7,752 and up 9% from Tuesday. The total Market capitalization is also up $50 Billion to current levels of $352 Billion: an increment of 16.17%.
Earlier Bitcoin analysis had indicated that the King of Crypto would bottom out at the levels of between $5,500 and $5,700 sometime in June. But it seems the crypto-market has pulled a fast one on us.
Leading the charge to this ‘slight’ market recovery, are the coins and tokens of Cardano (ADA), EOS (EOS) and IOTA (MIOTA).
EOS (EOS) HODLers and fans are anticipating a flowless MainNet launch in less than 12 hours and at the moment of writing this. The EOS community seems unfazed by recent reports of Security vulnerabilities on the MainNet platform. The token is currently trading at $14.66 and up 34.12% from recent lows of $10.93 on the 29th of May.
IOTA (MIOTA) is also basking in recent news announcements of partnerships with Norway’s largest bank and a key logistics company affiliated to the United Nations. The coin that aims to change the Internet of Things, is currently trading at $1.96 and up 46.26% from recent lows on Tuesday of $1.34.
Cardano (ADA) has also not been left behind in terms of double digit market performance in less than a week. Tuesday saw the coin trading at $0.174. It has since risen by 34.9% to current levels of $0.2347.
However, prominent crypto analysts caution against traders believing that their is an ongoing crypto-rally. Ari Paul, co-founder of BlockTower had this to say about the recent crypto-market activity:
I’ve had chats with some very savvy fund managers in the last few days, all of whom said, ‘I don’t see where the new money comes from any time soon’.
On the same topic of analysts, they had also predicted the bottoming out earlier mentioned of between $5,500 to $5,700 which is yet to happen. Therefore, traders are left with the big question as to whom to listen to. But is always the case with crypto-investing, personal research and analysis is always advised before believing anything said and investing in any coin in the crypto-verse.
Disclaimer: This article is not meant to give financial advice. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.