Bitcoin’s recent surge contributed to a lot of altcoins pumping, with Litecoin especially profiting. However, even after Bitcoin’s surge had stopped, Litecoin still seemed to be pumping, and so were Binance Coin and Cardano.
Litecoin, the fourth largest cryptocurrency in the world, pumped by approximately 8.86% in over 24-hours. The price of Litecoin, at press time, was $139 and it had a market cap of $8.6 billion.
With Litecoin’s halving approaching, the community is getting geared up and historically, the price of Litecoin and Bitcoin have always starts rallying a year before the halving. In a span of 7-days, the price of Litecoin has surged by a massive ~36%, while Bitcoin has risen by only 2.36% and Ethereum by 2.02%.
Binance Coin surged the second highest in a span of 24 hours, with the percentage change for BNB at 5.15%. BNB was priced at $33.45, and had a market cap of $4.77 billion.
Binance Coin surged over 2019 that has become the best performing asset in the world’s top 10 cryptocurrencies. The price of BNB saw a meteoric rise of 415% in over 140 days as the coin was priced at a mere $5 at the start of 2019. The coin has surged by 12.55% in the last 7 days.
Cardano is currently the eleventh largest cryptocurrency in the world, standing just below Stellar with almost an equal market cap of $2.3 billion. Cardano was priced at $0.08 at press time, and it surged by 5.07% over the last 24 hours. Over the course of 7 days, the coin surged by 6%.
Major coins like Bitcoin and other altcoins like Ethereum, XRP, Bitcoin Cash were barely surging, when compared to the above-mentioned coins. Therefore, the surge cannot be considered as an altcoin season.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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