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Top Gainers: XRP leads market rally as Ethereum [ETH], TRON [TRX], Cardano [ADA] follow suit

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Top Gainers: XRP leads market rally as Ethereum [ETH], TRON [TRX], Cardano [ADA] not far behind
Source: Pixabay

With Blockchain week in full swing and several announcements buoying the market, the overall capitalization surged over $245 billion for the first time in months. At the head of this rally is XRP, which is making immense gains after trailing competing coins for most of 2019.

Not far behind the second largest altcoin in the market are Ethereum [ETH], TRON [TRX], Cardano [ADA] and Stellar Lumens [XLM]. The Consensus bulls, as it did over previous years, have pushed the market up while announcements from Bakkt and Coinbase have also spurred growth.

Source: Trading View

XRP, on the back of Coinbase approving the cryptocurrency for New York trading, surged by over 5 percent in an hour, earlier today. At press time, it still led the market with a 12.08 percent gain over a 24-hour period. Beginning to rise at 0030 UTC on 14 May, the coin was priced at $0.323 and pumped by 20.69 percent to reach $0.414, before falling back to $0.384.

The next surge began at 2100 on the same day, with the coin pushing up from $0.384 to $0.438. The market cap of the cryptocurrency rose by $4.5 billion and at press time, stood at $18.22 billion. BW.com took the top spot for XRP volume by holding 11.22 percent, while Binance, the only exchange in the top 10 with “real volume,” took the ninth spot with only 2.05 percent XRP trade volume.

Source: Trading View

Ethereum, following last week’s massive pump over a rumored CFTC blessing regarding the ETF, began this week with an 8.94 percent pump against the US Dollar. Over the next two days, Ether breached $200 on the back of a 34.73 percent rise and was priced at $225.30, with a market cap of $24.17 billion. ZBG took the top spot in ETH volume, accounting for 4.27 percent of total volume, while Binance held the highest “real volume,” at the 27th spot with 1.28 percent ETH trade.

Source: Trading View

Following Justin Sun’s Tesla promise ‘fulfilment,’ Tron joined the market pump and rose by 9.64 percent. After dropping to $0.022 on May 10, TRX surged by 27.2 percent and was trading at $0.0288. The market cap of the coin stood at $1.92 billion. CoinTiger was the top exchange in terms of TRX volume, with the pair ETH/TRX accounting for 8.43 percent of the global volume. Binance, once again, is the highest ranking “real” exchange, on the 12th spot and holding 2.75 percent of volume in the USDT pair.



Cardano and Stellar Lumens were other top gainers in the market, recording 8.45 percent and 8.96 percent gains over a 24-hour period. Ranked 9th and 10th respectively, the two coins were separated by only $70 million market cap. Stellar was trading at $0.121, while ADA’s press time price was $0.086.

It should be noted that the only non-stablecoin that is trading in the red in the top-10 is Bitcoin Cash, which is likely down to correction since the cryptocurrency saw a massive rise over the past 48 hours.





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Bitcoin [BTC] to USDT market share falls for the first time in 6 months post-Bitfinex fiasco

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Bitcoin [BTC] to USDT market share declines for the first time in 6 months post-Bitfinex fiasco
Source: Pixabay

After the Bitfinex-Tether fiasco rocked the cryptocurrency market late last month, the trading volume of Bitcoin to the top stablecoin dipped slightly. However, given the larger picture, it held firm. In light of the collective market upheaval, BTC-USDT trading volume rose by over $1.2 million.

The same was pointed out by CryptoCompare’s exchange review for the month of April, which also detailed Bitcoin trading in fiat and stablecoins. Tether [USDT] topped the list, followed by the top fiat currency, the US Dollar [USD], with the three prominent fiat currencies of Japan, the European Union and South Korea making the top-5.

Bitcoin to USDT took 78.9 percent of the total volume of both fiat and stablecoins, amassing a total of 10.3 million. Despite the absolute value increasing by $1.4 million from March’s total of 8.9 million BTCs, the market share dropped by 2.8 percent. Tether held 81.7 percent of the market in the previous month.

However, when the months of January and February are put into context, the numbers paint a telling tale. Back in February, the USDT share was 70 percent of the market, with the volume at 6.23 million BTCs, albeit in a recovering market. In the first month of the year, Tether represented 65 percent of the market, with the December 2018 and November 2018 figures pegged at 63.7 percent and 54.9 percent, respectively.

Given the past figures, Tether’s market share has been on a consistent rise since November 2018, when the peak of the crypto-winter materialized, peaking at 81.7 percent in March. The performance for the month of April was the first time in over 6 months that the market share of BTC to fiat or stablecoins dropped on a month-on-month basis.



It should be noted that the New York AG’s report which accused Bitfinex of covering up their undisclosed losses of $850 million using Tether reserves was released on April 25. Most of the BTC-USDT trading activity analyzed by the report had already transpired. Hence, the bad-rep faced by Tether in the community, something that may have had a spillover effect into May, is not reflected in the report.

Unsurprisingly, USDT held the top spot when BTC trading into top stablecoins is looked at, accounting for 97.9 percent of the market and dropping below 98 percent for the first time in two months. Other top stablecoins on the list are Paxos Standard [PAX], USD Coin [USDC], and TrueUSD [TUSD].





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