May was a tough month for the cryptocurrency market, with 2021’s historic rally seemingly running out of steam. However, interest in digital assets remains high, and the “bloodbath” market of last month has given investors the opportunity to scoop up some cheap coins. We’ve taken the time to round up the five best cryptocurrencies to buy in June 2021 to help you capitalise on a potential recovery and resumption of the bull run.
1. Cardano (ADA)
Cardano (ADA) rallied by 10% this weekend as many other altcoins languished, with speculators attributing the surge to strong fundamentals and some exciting features being realised on the blockchain. IOHK, the company behind ADA, recently announced its plans to roll out the “Alonzo” hard fork.
🚀 The Big Mover of the week – $ADA
ADA overtook $USDT by the number of users in April!
The # of users trading @Cardano has increased by 15 times over the ½ of 2021
Start trading now on CEX·IO > https://t.co/vVNe3vHBZO
For more info about ADA visit https://t.co/pCsMrRcGoJ
— CEX.IO (@cex_io) May 30, 2021
The fork will allow for smart contract functionality on the Cardano blockchain — perhaps the most eagerly anticipated upgrade to date. Supporters of the project will argue that ADA can now fully compete with tokens like Ethereum (ETH) and Binance Smart Chain (BNB), where smart contracts have enabled decentralised finance (DeFi) to grow at an astonishing pace over the last year.
If the update goes to plan, there is a serious possibility that Cardano could unseat Ethereum and become the leader in the smart contract space. ADA’s blockchain is arguably more efficient, and the coin has an army of loyal supporters and developers. If you buy ADA now, you could see a huge potential return this summer if the upgrades go to plan.
2. Ethereum (ETH)
Ethereum, the second-largest cryptocurrency by market cap, is another candidate for the best cryptocurrency to buy in June 2021. Expert analysts believe that Ethereum’s advanced functionality, as well as the hype surrounding non-fungible tokens (NFTs) and DeFi, could help it overtake Bitcoin to become the top dog in the crypto sector. Another huge potential driver is an upgrade called EIP-1559.
— Bankless 🏴 (@BanklessHQ) March 5, 2021
EIP-1559 is an update scheduled to go live in July, which has many investors extremely excited. The upgrade will cause transaction fees to be “burned” instead of being awarded to miners. This will, in theory, cause the supply of Ethereum to shrink over time. This will be hugely attractive to Bitcoin investors, who are largely drawn in by the currency’s limited supply.
According to the fundamental laws of economics, if the supply of ETH goes down while the demand remains high, then the price will rise accordingly. It doesn’t take a rocket scientist to see huge potential for profits here.
3. Ripple (XRP)
Ripple (XRP) is showing a very positive outlook for June, as it appears to be gaining the upper hand in its long battle with American regulators. The Securities and Exchange Commission (SEC) was recently denied access to private documentation pertaining to Ripple Labs’ legal status, marking another win for XRP in the $1.3 billion lawsuit.
— Cryptonormzy (@cryptonormzy) May 31, 2021
This was followed last week by news that Ripple Labs plans to go public. Brad Garlinghouse, the CEO, did not offer a specific time frame for the IPO, but the announcement alone has already generated a huge amount of hype. Ripple would be the second major company in the crypto space to go public after Coinbase’s highly successful public offering earlier this year.
This makes XRP potentially suited to the “buy the rumour, sell the news” technique. Analysts predict that confirmation of an IPO would send the price of the XRP token through the roof, so shrewd investors may want to get in now before the masses realise the profit potential here.
4. Polygon (MATIC)
The Polygon Network has seen a host of bullish developments over the past few weeks, and this looks set to translate into price action for this summer as well. Polygon’s token, MATIC, is up by over 9,000% in 2021, and the coin is tipped by many to be one of the next generation of huge gainers in the crypto space. MATIC was an anomaly last month in that it maintained a bullish trend while the rest of the crypto market endured a massacre.
Polygon (MATIC) Price. Source: CoinMarketCap
Last week, billionaire investor and owner of the Dalla Mavericks, Mark Cuban, announced that he had invested in the company. A huge supporter of NFTs, the wildly successful Cuban believes that Polygon will be a central player in the development of crypto’s Layer 2 ecosystem. Polygon is still an extremely young project, so investors looking for the best cryptocurrency to buy in June should certainly consider investing in the “next Ethereum”.
5. Bitcoin (BTC)
After the widely-publicised Bitcoin slump of last month, with negative comments from Tesla CEO Elon Musk causing alarm amongst retail investors, some readers may be surprised to see BTC on this list. However, rather than the beginnings of a bear market, investors may be looking at the final opportunity to buy Bitcoin for under $40,000. This is largely due to the upcoming Taproot upgrade.
— Root 🥕🟩 (@therationalroot) May 18, 2021
According to projections, the Taproot upgrade should be locked in as soon as 10 June, meaning that investors have just a few days to invest if they want to beat the crowds by acting quickly on the news. Additionally, the SEC is now officially reviewing two Bitcoin exchange-traded funds (ETF) for the US market. Macro investor Raoul Pal believes that an ETF approval will be “rocket fuel” for this Bitcoin bull run.
Where to buy cryptocurrency in June 2021
eToro is arguably the most recognisable online broker out there, and is one of our top picks for buying cryptocurrency. With over 13 million customers and a huge range of coins to trade, eToro is one of the safest bets for both new traders and veterans alike.
Coin Kong is one of our most trusted partners for non-US users. With hundreds of coins available, from the big names such as Bitcoin and Ethereum to the more obscure tokens, Coin Kong allows you to start your cryptocurrency investment journey after a simple sign up process.
SEC Puts $7.6 Million Fine on Crypto Invention Database
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How Archer Swap Has Helped End Ethereum’s Bidding War
Most DeFi users have heard of Ethereum’s high congestion issues, but few are aware of the controlling forces operating behind the scenes, and how badly they can be impacted by this single problem. When traders send a regular transaction via the Ethereum network, it is susceptible to attacks from bots or front-running software run by entities seeking to profit from trader activity.
Ethereum’s ecosystem is perhaps amongst the fastest growing in the crypto space. Thus, there are already many solutions that tackle this issue and operate for the benefit of the users and decentralized exchange (DEX) traders. Most of them have gone under the radar.
Archer Swap is part of the Archer DAO, a project with features designed to mitigate the risks associated with sending transactions on Ethereum. It protects users from Miner Extractable Value (MEV) strategies, sandwich attacks, and front-running bots while maintaining a connection with Uniswap and SushiSwap, two of the most popular DEXs on Ethereum.
In this sense, Archer Swap can be described as a DEX extension that enhances the trader experience on these dApps. This protocol combines two powerful sets of features that give traders improved operations on Ethereum – protecting them and making trades more cost-efficient.
The first set of benefits are called Archer MEV Shield. Besides protecting transactions from bot attacks, it allows users to eliminate failed transaction fees, a recurring problem on Ethereum. Traders can also cancel transactions at no additional cost.
The second feature is called Archer Trader Extractable Value (TEV), a proprietary and innovative concept introduced by Archer Swap. Operating within the Archer Relay, Archer TEV uses automated rebalancing transactions with bots to sync market prices when big market moves occur.
After a trade or a big swap, there is usually an arbitrage opportunity in a market. Archer TEV uses these opportunities to capture the value and redistribute it to Archer Swap users. In essence, Archer TEV takes revenue generated by Archer Swap and gives it back to one of the protocol’s core components, the traders.
Archer Swap Launches Campaign To Reward Traders
Following a community vote, Archer DAO recently launched a 6-week campaign to buy back and distribute its native token ARCH. In this way, the protocol can reward early adopters. The tokens will be acquired with the revenue generated by Archer TEV.
The protocol won’t have to touch its treasury reserves to attract new users to the platform. The protocol and the users will benefit – as more users trade on Archer Swap, the campaign will have more resources to acquire and distribute ARCH. Therefore, the token will most likely see an increase in buying pressure during the coming weeks, and the platform will see a surge in the number of users.
Archer DAO will distribute rewards every Friday from June 11th to July 16th, 2021. The platform will calculate rewards for each user based on their transacted volume for each week. The rewards will be delivered automatically and with basically 0 risk for the users, all they need to do is trade.
Archer Swap has had famous trades. In May, during the high of the dog meme coins, the inventor of Ethereum, Vitalik Buterin, used Archer Swap to dump his supply of Shiba Inu (SHIB), AKITA, MIRI, ELON, and others into the market.
The dump served a good cause, as Vitalik used this money to send over $1 billion to different charity organizations. The most notable is the Covid-19 relief campaign for India started by Polygon’s co-founder, Sandeep Nailwal. This trade could be among the most famous in 2021 and was enabled by a protocol whose main objective is to shield its users and give them back the power to operate safely within the Ethereum dark forest.
Crypto Crash Trends On Twitter As Bitcoin Falls Below $30,000
Twitter has gone into a frenzy after bitcoin fell below $30,000 this morning. The hashtag #cryptocrash is currently trending on the platform. This is after the coin broke the $30,000 stronghold and fell below it. A price that has been a stronghold for bitcoin for a while now. Speculations were that as long as the asset didn’t fall below $30,000, then there would be a recovery.
Related Reading | Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News
Bitcoin has been in a downtrend for a couple of days now. News of mining rigs closing down in China pushing the price even further down. Falling below $30,000 means bitcoin is about to erase its gains for 2021. The coin was trading at $29,001 n December 2020. Only breaking the $30,000 barrier in 2021. Now bitcoin is trading at only 3% gains for the year 2021.
Bear Market Trends
Richard Bernstein was on Trading Nation two weeks ago to talk about the trends in bitcoin. The CEO called bitcoin a bubble. He pointed out that bitcoin was currently in a bull market. Noting that people were leaving the markets that were actually in a bull market behind.
Bitcoin crashes below $30,000 before recovering back up to $32,000 | Source: BTCUSD on TradingView.com
Bitcoin has been struggling for the past two months. This was after the coin finally hit the all-time high of $64k in April. There was a lot of speculation that the coin was headed for $100k. But it seems the asset had other plans.
Analysts have compared this to the 2018 crash. When bitcoin hit a new ATH of nearly $20k and then proceeded to lose 80% of its value. At one point trading at a little over $3k.
There Is Still Hope For Bitcoin
Novogratz further explained that calling a bottom on the crash is hard to do. This he attributed to the large liquidations currently taking place across a number of assets.
With regards to the $30,000 price level, Novogratz said, “We’ll see if it holds on the day. We might plunge below it for a while and close above it.”
Related Reading | Over 3 Metric Tons Of Bitcoin Mining Rigs Airlifted Out Of China
The co-founder of Galaxy Digital noted that he wasn’t worried about the price crash. Explaining that he does not expect another crash of the 2017 magnitude to occur again. This he chalked up to the maturity of the ecosystem. Pointing out that much more mature players are now moving into the system.
“Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients. I think a lot of clients that didn’t buy it the first time will see this as an opportunity to buy it and get involved.
– Mike Novogratz, CEO of Galaxy Digital
Twitter users have taken to the platform to express their opinions on the current market movements. There are countless tweets asking people to not panic. That the market is going to recover. And right now, it is starting to look like they’re right as the market has gone back into the green. Bitcoin is currently back up to $32k, after a dramatic price drop below $30k.
Featured image from Forbes, chart from TradingView.com
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