Market Watch: Cryptos Recover, Ripple Outstands with a 8% Gains and Surpassing Ethereum
Last week was quite a sad one for the crypto community as the bears suddenly hit sending Bitcoin towards $5300 for the first time in 2018. Ethereum and the other altcoins have suffered from the same fate, recording more than 13% losses, with its price pegged below $175. Other cryptocurrencies followed the same trend with some of the top 20 recording almost 20% losses.
This weekend, however, has brought little smiles on the faces of crypto enthusiasts as flashes of green spread across the markets with almost all the top 100 recovering from their loss, as of now, only a correction to the bearish market. At press time, BTC is recording a 0.95% gain with a current price of $5591 (Coinmarketcap value) while ETH trades at $175.
The total market cap is $185 billion | Bitcoin’s market cap is $97 billion | BTC dominance is at 52.6%.
Ripple outstands and replaces ETH as the second biggest
Ripple XRP, for the second time in the recent two weeks, dethroned Etheruem as the world’s largest altcoin by market cap amid the red markets from the previous week. This is known as “the flippening.”
Interestingly, XRP is the most significant gainer among the top 20 cryptocurrencies in the last 24 hours, recording more than 8% gains. XRP currently trades at $0.51, with a daily trading volume of almost $870 million and a market cap of $20.5 billion which is more than 2 billion than Ethereum’s current market cap.
XRP recent explosion could be traced to many factors, from new Ripple’s partnerships with more financial institutions to FOMO and Japan’s exchange Bitbank who provides XRP/JYP trading pairs. Although XRP fans are happy with the new development, the big question remains: How long can XRP hold its current position? The past two times Ripple replaced Ethereum, it hadn’t hold for long.
Major Crypto Headlines
HODL: World’s First Crypto ETF Goes Live Next Week in Switzerland: Whether the US SEC approves a Bitcoin ETF or not, the crypto community will welcome the first crypto ETF next week.
SEC Orders AirToken and Paragon To Refund ICO Investors: AirToken and Paragons recorded over 70% gains and 25% losses respectively after the US SEC ordered owners of the two projects to make refunds their investors.
Venezuela’s Walmart “Traki” Started Accepting Bitcoin: Bitcoin fans in Venezuela can now buy clothes, food, and other stuff from a local Walmart with BTC.
Most Significant Winners and Losers
SyncFab (+62.86%)
SyncFab (MFG) is back on the green walls as the most significant gainer after the massive drop in the crypto markets a few days ago. MFG recorded a 60.57% gains during the last session, currently trading at $0.0036, with a daily volume of $247,465 and a total market cap of $588,011.
Digitex Futures (+45.25%)
Digitex Futures (DGTX) is climbing higher as a reward for extensive marketing efforts from the project team. DGTX recorded a 45.25% increase against the US dollar in the last 24 hours with a press time price of $0.07. The token market cap is currently pegged at $53,860,868 and daily volume at $805,132.
Cashbery Coin (-21.44%)
Cashbery Coin (CBC) has been on a slow decline over the last few weeks, emerging as the most significant loser in the past 24 hours. CBC price at press time is $0.149, which is more than a 21% loss on the day. The coin struggles with a daily volume of $107,904 and a market cap of $821,558.
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