Will cryptocurrencies bounce back in June? Here are 3 cryptos to watch

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Highlights

  • Cryptocurrencies’ total market cap is now under US$1.3 trillion, with major tokens extending losses
  • LUNA token of Terra ecosystem is set to undergo a change, and it might soon be launched
  • Only a handful of tokens among the top 100 assets have given positive returns so far this year

The cryptocurrency world is full of uncertainties. Will a new crypto launch be a massive success? One of the newly launched cryptocurrencies, ApeCoin jumped to immediate success in March 2022. Will older popular cryptos like Dogecoin and Ether recover lost ground? Will the overall cryptoverse, led by Bitcoin (BTC), bounce back? Will June bring back optimism?

Questions can be many. In the entire month of May so far, cryptoassets have only extended losses. Hereunder are a few crypto assets to watch closely in June.

1. Bitcoin (BTC)

Bitcoin is to the cryptoverse what the heart is to a human body. It has the largest market cap, and the BTC price per token is also the highest.

Interestingly, although BTC has traded mostly in the red in May, its market dominance has shot up. At the time of writing, Bitcoin’s share in the aggregate market cap was over 45%. CoinMarketCap’s website tracks over 19,600 cryptoassets, and Bitcoin’s dominance seems very real. In price terms, BTC started May at nearly US$38,000, but dropped below US$30,000 on May 11. The price has hovered near this figure ever since.

If a bullish wave hits cryptoverse, Bitcoin can arguably be the first asset to manifest it. This is why BTC makes for a must-watch crypto next month.

Also read: BTC and S&P 500 Index correlation over past 5 years

2. Terra (LUNA)

The fall of Terra ecosystem in May was a subject of most crypto discussions. TerraUSD stablecoin lost the peg to USD, almost at the same when BTC plunged below US$30,000. The former event may have led to the latter.

LUNA is an asset linked to TerraUSD. LUNA’s price went from almost US$80 on May 1 to under US$1 in the wake of TerraUSD decline. Now, the Terra project has announced the launch of a new token. It will be a new Cosmos Chain, with a new LUNA token. The older version has been named LUNA Classic. As of writing, LUNA Classic’s 24-hour trading volume was over US$250 million.

LUNA Classic’s ultra-low price per token is something to keep an eye out for in June.


 


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