The last two weeks have been a trying one for the crypto market with many investors scratching their heads, praying, and wondering when the terrible nightmare would stop. However, the outlook of the crypto markets in the last 24 hours, has definitely put a little smile on the faces of crypto enthusiasts, leaving them thinking that this could be the moment they have long been waiting for.
The crypto markets are looking lively as flashes of big greens spread across the top 100 coins with the leader of the market, Bitcoin grabbing a 9.59% share of the profits. The price of the world’s largest cryptocurrency is currently $4,107.14 against the USD with a market cap of $71,440,420,681 at press time.
Bitcoin went as low as $3500 in the previous day and some analysts like Stephen Innes, head of trading at Oando have predicted that there is still room for a further dip and the coin is likely to hit $2500 rock bottom.
XRP and Ethereum
Ripple XRP and Ethereum ETH, the second and third largest cryptocurrencies by market volume respectively, also have significant cuts of the new gains in the market. XRP sees a 10.66% gain which has pushed its current price to $0.383 while ETH claimed a 10.40% profit with its price at $117.73.
So far so good, XRP is holding the second position in the market very well, and Ethereum is still battling to retake its place which it lost to XRP about two weeks ago just after the big bears hit the market. Both coins have a market cap of $15,457,129,993 and $12,176,714,029 respectively, meaning only a $3 billion difference in market cap separates both coins now. The battle for supremacy will, no doubt be an interesting one in the next few hours or days, and we could see ETH taking back its position by force.
BCH, XLM, and EOS
Bitcoin Cash BCH has been experiencing a difficult run since the end of its hashwar, which was won by BCHABC. The coin now sees new gains with a 9.08% increase in value, and its price at press time hovers around $186.79.
Stellar XLM and EOS have been at war with each other since the bears splashed thick bloody reds across the crypto markets. Both coins are recording 12.79% and 8.44% respectively, and their prices are at $0.162 (XLM) and $3.40 (EOS).
XLM is holding the fifth position as the world’s largest fifth cryptocurrency with a market cap of $3,104,107,270, and EOS is right behind it with a market cap of $3,080,717,845.
The Outlook of Other Markets
Almost all of the top 100 coins in the market are recording gains at press time. The biggest gainer of the day is 73rd placed MonaCoin, who is seeing a 43.62% gains on the day. The coin is currently trading at $0.827527 against the USD with a $53,058,908 and could be heading to 72nd position to dethrone KuCoin Shares, who currently has a market cap of $54,024,586.
The total market cap of all the cryptocurrencies stands at $132,281,954,648 with a BTC dominance of 54.0%. How long the crypto markets will continue to hold this bull run is uncertain, but it has undoubtedly regained any bit of lost hope.