The cryptocurrencies sector was relatively calm in June as the world economy started to reopen after months of lockdown. The price of Bitcoin remained below the important resistance level of $10,000 while Ethereum rose by 12%. Ripple declined by more than 7% even as the company announced new plans to expand its remittance gateways.
Ethereum momentum gains ahead of ETH 2.0...
ETH was among the best-performing digital currencies in June as enthusiasm rose over Ethereum 2.0.
For starters, ETH 2.0 is a new software update to the current public mainnet that is intended to improve Ethereum usage and adoption. The most significant change in the system will be Proof of Stake (PoS), which will be implemented by sharding. By implementing PoS, ETH 2.0 will replace miners and electricity with validators and stake. In this, validators will replace miners as the individuals who maintain the agreed-upon state of the network and receive rewards for randomly selecting the next block of data.
ETH 2.0 will be the next big update in the cryptocurrencies space after halving, which happened in May. Therefore, there is a possibility that the price of ETH will continue to rise as enthusiasts wait for the new changes.
Ripple gets ready to expand payment gateways...
The coronavirus pandemic has led to a sharp decline in global remittances. According to the World Bank, total remittances will fall by more than 20% this year as unemployment rates in the developed world rise. However, digital platforms have seen an increase in transactions.
In a statement in June, Asheesh Birla, an executive at Ripple said that the company was moving to expand its remittance gateways to more countries. While the process will take months to implement, traders believe it will lead to more transactions in the XRP platform. In July, we will continue to focus more on these developments.
Coronavirus second wave...
The past three months have been difficult for the world economy. The pandemic also put cryptocurrencies to their biggest test since they were formed a decade ago. That is because, in the past, most analysts were worried about whether the currencies could survive a recession.
In total, Ethereum has been among the best-performing digital assets, gaining by more than 66% in the past three months. Bitcoin is next, having gained by 38% while XRP has gained by just 5%.
In July, the currencies may be tested again as the number of coronavirus cases jump in the United States and elsewhere. In the past week, the country has reported more than 100,000 new cases and more states have started to implement stay-at-home orders. And the CDC has warned that these numbers are underreported.
Therefore, cryptocurrencies could see more movement as the Federal Reserve moves to implement more stimulus funding. There is also a possibility that Washington will implement more stimulus. The chart below shows how the three biggest digital currencies have performed during the pandemic.
Top crypto events in July...
Events have been among the worst-affected sectors in the cryptocurrency industry. In the past few months, events that used to attract thousands of attendees have been replaced by virtual events. In July, with the number of cases rising, most events will remain online.
Among the key events to watch are the Cardano Shelly Summit, which will happen on July 2 and 3. Binance will host its third “off the charts” events while Unitize will happen between July 06 and 10. Other key events to watch are the Singapore Blockchain Week, Mining Disrupt, and Asia Blockchain Summit. We will also be media partners at the TradeOn virtual event so be sure to join us there!
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