Crypto
Cryptocurrencies To Watch: Week of June 12
Keep an Eye on These Coins
The crypto market took a huge hit last week, largely due to the lawsuits that the United States Securities and Exchange Commission (SEC) filed against crypto giants Binance and Coinbase. This caused the market to lose billions in market cap, and it’s unclear how the events will unfold and what further impact they will have. Most coins are in the red, with a select few being only slightly affected.
This week, we examine PAX Gold (PAXG), XRP (XRP), Bitcoin (BTC), Monero (XMR), and Gnosis (GNO). In selecting these assets, we have considered several factors, including, but not limited to, positive technical developments, significant news events, and noticeable changes in price.
Key Takeaways
- PAX Gold (PAXG) was among the least affected by recent events, with the price dropping from $1,944 to $1,924, perhaps because investors wanted the relative safety of a gold-backed cryptocurrency.
- XRP saw a marginal drop from $0.53 to $0.52, most likely because it is gaining the upper hand in its legal battle with the SEC.
- Bitcoin (BTC) dropped from $26,760 to $25,959, a relatively small drop that is likely due to the fact that Bitcoin does well during rough market periods.
- Monero (XMR) also saw a small drop from $145.96 to $139, perhaps because it shares the same appeal to investors during market turbulence, though it relates to privacy benefits.
- Gnosis (GNO) experienced a tiny slip from $115.30 to $110, maybe because it was protected by the fact that a new project expanded its token issuance to its network.
PAX Gold (PAXG)
PAX Gold (PAXG) is a cryptocurrency backed by gold and was created by those behind Paxos Standard. PAXG may be seeing less of an impact from the effects of the SEC’s lawsuits because it is a token that aims to make gold easier to trade.
Gold is often used as a reserve asset during volatile periods, and this may be working to its benefit. PAXG is trading at around $1,924, having been priced at $1,944 last week (see chart below).
PAXG Price: TradingView
XRP (XRP)
Ripple Lab’s XRP, is actually doing well in this volatile time because it won the motion to unseal the Hinman documents in its case against the SEC.
The documents in question contain statements made by former SEC member Bill Hinman, who stated that Ether was not a security. XRP is currently changing hands at around $0.52, having traded at $0.53 last week (see chart below).
XRP Price: TradingView
Bitcoin (BTC)
Bitcoin (BTC) was one of the strongest currencies in the market this week. When investors move out of altcoins during a bearish period, they tend to put their funds into stablecoins or Bitcoin. This is possibly why the market’s most popular asset saw a relatively small decline.
BTC is currently priced at around $25,985, having been valued at $26,760 last week (see chart below).
BTC Price: TradingView
Monero (XMR)
Monero (XMR) is similar to Bitcoin in that it has a strong community that backs it during troubling periods. Specifically, ardent crypto enthusiasts appreciate Monero’s high level of privacy.
The crypto community utilizes crypto assets like XMR at a time when the market is rough, and it seems like there may be regulatory pressure. XMR is trading at around $139.00, having started last week at $145.96 (see chart below).
XMR Price: TradingView
Gnosis (GNO)
Gnosis (GNO) is something of a surprise entrant on this list, given that it has not performed as well as some other tokens in recent weeks. However, it may be staving off the effects of volatility. This is due to the fact that real-world tokenization project Backed Finance announced its intention to expand its native token issuance to the Gnosis Chain.
GNO is trading at around $109.80, having been priced at $115.30 last week (see chart below).
GNO Price: TradingView
As of the date this article was written, the author does not own any of the assets discussed here.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read our warranty and liability disclaimer for more info.