The market capitalization is once again on a fluctuation spree. A few days back bitcoin prices rose to unrealistic heights touching $7,000. Reason being the problem of Bitfinex and the sell off of Tether while the coin market followed overall to once again reach a valuation of $220 billion. After plunging to $6,200 and seeing the spike, bitcoin has came back to the valuation where it has been sticking to for the past few months, i.e. $6,500. According to the info-graphics by coin360,
XRP, which used to be the market favorite has once again joined the game with its bullish run moving back to $0.464 after dropping it near to $0.40. The volumes of XRP also have rose once again to better volumes, again on a run to catch up with the market cap of ETH, topping to $18 billion while Ethereum sticks to $21 billion.
$ZRX has also made an entrance in the crypto market by getting listed on Coinbase. The currency has ever since increased exponentially. Since the listing went live, the currency has managed to rise 25.74% in total. Larger exchanges exploring alt coins other than ethereum has contributed a lot to the adoption and utility of blockchain. Similary, CyberMiles conducted a token swap a few days back which was supported by Binance and Bitthumb. The VP of communications of CM seemed to be pretty happy with the support from the notable exchanges. He stated,
We anticipate that these early adopters, in turn, will help spread word-of-mouth adoption and, ultimately, more mainstream adoption of blockchain technology as we (and others) introduce more practical applications.
In other news, Tether, which was said to be the best stable coin pegged to the USD, lost its link and plunged to near $0.9, not only that, it was being traded at $0.86 on Bittrex on one occasion, due to which the people around lost interest and sold off their Tethers and reverted back to BTC and other stable coins which was also the reason of the BTC spike. Mati Greenspan, the senior market analyst at eToro also shared his views with BlockPublisher agreeing to the fact that it is probably the time to shift to better stable coins than Tether. Vouching for the shift to other stable coins, David Gokhstein told BlockPublisher,
I’ll focus on Tether here. It’s just not trusted by half the people in the industry. That’s the problem. I don’t believe other stablecoins will face this in the future. Eventually we’re going to have to get away from it. It’ll hurt in the short-term, but will benefit the space in the long-run.