June served as a whirlwind month for the digital asset market, with unexpected movements creating buzz among investors. Our top performer was Bitcoin Cash (BCH), catapulting 171% within a month since its listing on EDX Markets. The new-born offspring of powerhouses Fidelity, Charles Schwab, and Citadel significantly eclipsed the more mature cryptocurrency, Bitcoin, which saw a modest growth of 14%. At one point, BCH saw an astonishing 30% increase within a single day, breaking a 14-month record at $320.
The motive behind this charging bull remains obscured behind speculation. A popular theory attributes BCH’s unprecedented success to the general perception associating Bitcoin ‘forks’ with reduced regulatory risk. In the world of crypto, the threat of an obtrusive regulator could detrimentally affect the desirability of specific coins.
Notwithstanding BCH’s impressive performance, June was not a bed of roses for the entire crypto market. Major market players, namely Binanceand Coinbase, felt the heat from the U.S Securities and Exchange Commission, causing a ripple effect that reduced altcoins’ value. However, the narrative began to change towards the month’s end, when the ‘big boys’ of institutions subtly hinted at increased crypto engagement. This sparked renewed optimism, with Bitcoin majestically rising to a one-year high, mere days after the financial giant, BlackRock, applied for a spot ETF.
Among others, FTT, FTX‘s native token, witnessed a dramatic 124% increase in June, notwithstanding the exchange’s bankruptcy status. The Wall Street Journal also hinted that the beleaguered exchange might be considering a recovery plan, thereby injecting an element of unpredictability into the market.
In the DeFi sphere, Compound’s native token (COMP) enjoyed a 50% surge within a four-day period. The surge was supposedly driven by an unexpected hike in volume and outflows on Binance.
Despite the drama and fluctuations, the overall market performance, as gauged by CoinDesk Market Index (CMI), picked up a modest 2.7% during June. While the crypto market is known for its perennial unpredictability, high-profile involvement such as BlackRock could potentially direct us towards a more stable future. Even so, with each wave of optimism comes a crest of skepticism, leaving crypto enthusiasts and investors, like us, with exciting times ahead.
Source: Coindesk
