A new crypto market high was achieved by the Crypto market as it hits a new June high. Several factors helped the market to achieve the new high, including the recent strength of the Bitcoin and Ripple’s New partnership
New Crypto Market High Reached
In today’s trading, the new crypto market high for the month of June was hit during the early hours of trading. The market capitalization hit $290 billion before retreating back to $286 billion.
Bitcoin Surge Help Reach New Crypto Market High
The Bitcoin tested and momentarily breached the $9400 resistance level before retreating back to $9200. Market behavior saw a 25% dump at the top of the spike. This is likely a sign of investors locking in gains, but the momentum remains strong and further gains could be ahead.
Ripple Finds Partner
Ripple’s XRP was boosted considerably thanks to a new partnership with Moneygram. This new partnership will help Ripple with the use of the their blockchain technology for more secure transactions. More importantly, it allows the transactions to be settled instantly through different currencies, effectively limiting the need for pre-funding.
The partnership cost the San Francisco Based company that owns Ripple, Fin Tech has entered the partnership with Moneygram that cost $50 million for the purchase of new shares and it is slated for at least two years. The investment from Ripple has them buying five million shares at $4 a share. This provides them with 10% ownership of Moneygram.
In addition to the $50 million investment, Moneygram retains the right to request for more capital. They can request up to $20 million more in the next two years.
New Crypto Market High Leaves Top 10 with Mixed Results.
Among the Top 10, Ripple was the clear winner but the new crypto market high only left the rest of the top 10 with mixed results. Ethereum remained static. The Binance coin improved 5%. The Litecoin pulled back further with another 3% loss for the day of trading.