The Cryptocurrency Market Gains $50 Billion
Cryptocurrency investors had a great day yesterday with the cryptocurrency market gaining $50 billion, as most charts turned green; a total increase of 17%. Multiple coins ended up recovering from the recent lows, including EOS, which gained by 17%.
Post EOSIO release, the open-source blockchain protocol, EOS witnessed gains of about 17% inside 24 hours. The platform announced that the development is designed to build applications at both the enterprise and community-driven levels, through a blog post on June 2. The firm, however, did not provide a guarantee for the software to work as intended and added that developers must implement the EOSIO at their own risk.
IOTA has been trading higher highs and higher lows since 28th May, extending gains. It did although sustained a brief downside movement after meeting a selling pressure slightly below $1.90. The coin gained about 23% and there is more potential for better gains in the coming week.
Bitcoin cash (BCH) also moved back to the green zone of $1,000 with bullish signs against the US dollar. With resistance near $980 on the daily chart, the breakout was a move above a critical bearish-trend line . The coin’s continues to hover above the $1,040 level and the 100 simple moving average. Moreover, the 50% Fib retracement level of the last decline from the $1,323 swing high to $871 low at $1,096 is acting as a resistance.
For the coin’s price to experience further gains towards $1,200, a break above the current level is what is required.