Another day of loss in the crypto industry. Regardless of the general market sentiment, there were losers and gainers. The market, in general, lost almost 1% in the last 24 hours. The total worth of the cryptocurrency market heading for $1.48 trillion but halt on it’s path because of another China FUD.
The People’s Bank of China (PBoC), shuts down Beijing Tongdao Cultural Development Co., Ltd., because it was allegedly facilitating crypto transactions despite the regulator’s warnings against such activities. The new saw the crypto industry lose more than $20 billion within hours. Here are the top gainers in the last 24 hours.
The Kucoin token enjoyed a small price increase during the past 24 hours. The rise saw KCS hit $13 as it surged by 48%; making it the top gainer in the the top 100. Following closely from behind is Thorchain. Rune rose by 15% as the coin retested the $7 resistance.
Bitcoin was almost the same as it started with barely a 0.1% gain. Ether put up a performance that saw the coin record a 3.4% gain. From all indications, since ether crossed the $2k mark lately, we see that price level become strong support.
The second-largest coin by market cap recent feat could be attributed ethereum’s London hard fork, which contains the highly anticipated EIP 1559 was launched on the Ropsten testnet on June 24 creating more anticipation for full mainnet implementation later in July.
With more anticipation growing and more traders going into the market ETH and ETC may continue to surge as the excitement heightens. It is also important to take cognisance of the current market situation. However, the hard fork may clear a path for the largest altcoin to hit $2,500 again.
Ethereum classic may also be increased volatility. With its main support at $50, the buyers will stage a rally before this level and push prices as high as $65 in the coming days.
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