Roundup of the Best PERFORMING Cryptocurrencies June 18 to 24

JPEX previewed the Cage Boxing Final 2023 during the week that saw a resurgence of the cryptocurrency market thanks to renewed interest in Bitcoin (BTC), Ethereum (ETH), and most alternate coins (altcoins).

Over the period, some of the most important news that made headlines included Binance being ordered to stop providing crypto trading services to customers in Belgium.

The International Monetary Fund (IMF) also sheds light on the extensive use of Central Bank Digital Currencies (CBDCs) in the Caribbean and Latin America.

One of the largest financial institutions in the form of JPMorgan also introduced Euro-denominated payments through its JPM Coin.

Over the period, several cryptocurrencies brought multiple percentage gains. After doing an extensive review, Kava (KAVA), Pepe (PEPE), Bitcoin Cash (BCH), and Bitcoin Satoshi Version (BSV) were among the best-performing cryptocurrencies that brought decent returns to traders on the platform.

Below is an in-depth review of the price performance, trading volume, market capitalization, and more importantly, the price drivers that led to such a rise within the period. 

Bitcoin Cash Doubled In Value 

BCH is the native cryptocurrency behind the Bitcoin Cash network, a peer-to-peer (P2P) electronic cash system that provides sound global money with fast payments which comes with micro fees and privacy. Bitcoin Cash was forked out of the Bitcoin blockchain and it is primarily seen as a transactional currency while Bitcoin is seen by many crypto enthusiasts as a store of value.

For a long time, there have been cries to the Securities and Exchange Commission (SEC) of the United States to approve exchange-traded funds (ETFs). 

ETFs are registered with the SEC and companies design this product as a way to offer investors a system to pool their money in a fund that invests in stocks, bonds, and other assets such as cryptocurrencies. 

On Friday, June 23, the SEC approved the first (1st) leveraged Bitcoin futures ETF. This was seen as the first step towards the approval of many crypto-backed ETFs and the market responded positively.

BCH reached a weekly high price of $215.23 on Saturday, June 24 on the back of the ETF’s progress after opening the period with a relatively smaller price of $106.69. 

Bitcoin Cash closed the week with a trading price of $213.73, more than double the value of its weekly low price of $105.04 on Monday, June 19. Buoyed by extensive investor demand, daily trading volume soared from around $63 million to approximately $1.5 billion, and this took its market capitalization to about $4.2 billion from $2 billion. 

Statistically, BCH rose by around 100% in seven (7) days. 

Pepe (PEPE) rose more than 50% 

PEPE has been one of the trending cryptocurrencies in the past two (2) months due to the extensive liquidity poured into the token.

PEPE is housed in the blockchain technology of Ethereum and aims to compete with other meme-inspired digital currencies such as Floki Inu (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB). 

For some time, PEPE was among the worst-performing coins weekly due to several early investors selling off their tokens for profit. 

Despite this, many investors decided to accumulate the token due to positive market sentiment around the industry due to the surging of cryptocurrencies related to BTC. 

Over seven (7) days, PEPEs daily trading volume increased significantly from a low of $81 million to a high of $843 million. 

The project’s market capitalization also saw a substantial jump to $609 million from $367 million. 

Statistically, PEPE opened the week on Sunday, June 18 with a trading price of $0.000001002, reached a weekly high price of $0.000001765 on Friday, June 23, tested a weekly low price of $0.000000912 on Tuesday, June 20, and closed the period with a price of $0.000001554.

PEPE spiked several portfolios with a 55% rise in value. 

Bitcoin Satoshi Version (BSV) Increased By More than Half of Its Value 

BSV is the native asset of Bitcoin Satoshi Version, a chain that was forked out of Bitcoin Cash in 2018.

It was created to fulfil the vision of BTC creator Satoshi Nakamoto and offers stability and scalability in line with the original description of what Bitcoin Cash represents. 

Since BTC leads the crypto market in bullish days and bearish seasons, BSV thrived on the approval of BTC ETF and ascended by 52% within the week. 

The project’s market capitalization rose from approximately $477 million to around $746 million.

Investor interest soared through the roof with a relatively lower daily trading volume of $13 million reaching a new high of $317 million. 

BSV is supported by several crypto exchanges and it opened and closed the period with trading prices of $25.40 and $38.73 respectively. 

The cryptocurrency reached a weekly high price of $40.11 on Saturday, June 24 after it tested a weekly low price of $24.62 on Sunday, June 18. Analyst Freddie Max at Price Prediction.net believes BSV could increase further in the near term.

He foresees BTC exchanging hands for the best possible prices of $65.60 by the end of 2024, $96.31 (2025), and $134.82 (2026).  

Kava (KAVA) went up by 30% 

KAVA is the cryptocurrency behind Kava, a layer one (1) blockchain that combines the development power of Ethereum and the interoperability as well as the speed of the Cosmos network.

On Wednesday, June 21, Tether Limited, the company behind the largest stablecoin by market capitalization said USDT will be coming to the Cosmos ecosystem through a deployment on the Kava Chain which has been referred to as the gateway to Cosmos.

USDT on KAVA has been slated for July 3, 2023. In crypto, price drivers include news of the deployment of a major currency on a particular network, and this explains the price rise of KAVA. 

The 30% increment led to an improvement in market capitalization from $456 million to $609 million. 

KAVA’s daily trading volume also went up to $166 million after reaching a daily low of $27 million. 

For those interested in the numbers, KAVA opened at $0.7885, reached a weekly high of $1.0659, tested a weekly low of $0.7806, and closed at $1.0317. 

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