Crypto Market Update: Major Coins Stem Further Losses, With Bitcoin Brushing $7,700

Although crypto markets are still down over the past month, most of the top ten coins are in the green today, June 7.Market visualization from Coin360.

Bitcoin is comfortably holding above the $7,600 threshold and inching to a new price point of $7,700, trading at around $7,690 at press time.

Yesterday's official clarification from the chair of the U.S. Securities and Exchange Commission that Bitcoin is categorically not considered to be a security under U.S. law may have gone some way to bolster market confidence.

Most of the top ten coins by market capitalization are showing minor fluctuations of within a 2-3 percent range over a 24-hour, as data from CoinMarketCap shows.

Altcoin EOS is seeing the most growth of the top ten coins over the past 24 hours, up over 4.5 percent on the day, trading at $14.20 a coin at press time.

EOS is currently ranked in fifth place on CoinMarketCap, with a market capitalization of over $12.7 bln.

Yesterday, stock analytics firm Trefis announced they have lowered their Bitcoin year-end price forecast from $15,000 to $12,500, according to their analysis of fundamentals of supply and demand in BTC markets.

Trefis pointed to significant recent losses in total BTC transaction volumes across crypto exchanges, and attributed a surplus in supply and subsequent drop in price to Mt. Gox dumping BTC onto exchanges earlier this spring.

The week has also seen news of significant advances among major crypto industry players to bring their operations under the purview of financial regulators.

Overall market capitalization of all cryptocurrencies is $346 bln to press time, up about $10 bln on the week.