Within a period of one week, Bitcoin price rose from $1,900 to $2,800. In Asian countries like South Korea, the cryptocurrency was traded at premiums closer to $4,000. Gaining a market cap of almost $44 Billion, the growth of Satoshis lifted many altcoins along creating a boom in the cryptocurrency market, and a notable bulge rate. Market Capitalization of all cryptocurrency was then estimated to be touching $90 billion.
Ethereum’s Market price crossed the $200 line twice, and his younger brother Ethereum Classic saw its biggest growth. On Tuesday, last week it surged as high as 105%. Two weeks ago ETC market price was around $6 but it admirably went up more than the $20.
This same week saw blockchain bank-transfers giant Ripple, more than doubled its market cap. Moreover, Monero that was declining gradually went up 70 percent. It was so awesome to watch NEM, ETC and even Stellar Lumen climbing up on top 10 rankings.
The global community of digital currency was awash with ecstasy. Despite all the euphoria, season analysts Like Vinny Lingham and Trace Mayer tagged it a bubble and predicted a looming burst not too far away.
Many ignored it and challenged them. Mayer’s post on Twitter on May 25, for instance, was rubbished by many community members. Its price rally was seen by many as the next stage of the industry.
Boom and Burst
On Friday as Bitcoin tried to breach the $2900 scene, it started reversing slowly and by 24 hours it was getting scary. Most of us who remember 2013 and 2015 began to despair.
Seriously, Saturday was the peak when Bitcoin price lost $500. It actually fell from $2,500 to the $2,000 echelons sending panic throughout the industry.
Many altcoins tumbled along with it, undergoing sharp slumps. Ripple’s almost $18 Billion Market Cap deteriorated to a mere $8 Billion. By Sunday all the top 20 were bleeding lavishly.
Market Updates (as of 9 AM GMT Monday)
Even though the various currencies and tokens are adjusting, by the time CryptoCoinNews was filing this report the top 10 was still in red. [Editor’s update: Monday’s trading has since spurred all 10 cryptos positively upwards.]
The pacesetter of all cryptocurrencies, Bitcoin, had managed to climb a little bit up to $2168 but was still down with a negative 2.95 percent. In fact, that was the smallest decline for the day, showing leadership and resilience once again.
#2. Ethereum was no better with a 3.80 percent downward growth but was selling at $171. ETH was better than the rest with the exception of Golem.
#3. Ripple was listed by exchanges at $0.22134 and lost 7.37 percentage point of its value. It has dropped most of its gain during the price rally but still kept the number three ranking.
#4. At number four, NEM dipped 6.16 and sold for $0.200765. However, it still has over $1.8 Billion admirable Market cap.
#5. Ethereum Classic who was among some of the altcoins that had a field day during the price rally followed suit with a market price of $15.91. Like every entity on top 10, it was in the red by 7.00 percentage point.
#6. The digital silver to bitcoin’s gold, and now Segwit trailblazer, Litecoin took a fall of 7.62 percent to maintain the 6th spot. It was being bought at $23.84
#7. On the 7th position was Dash whose selling price was $110 with 3.85 percent lower adjustment growth. It nearly crossed the $200 mark during the price harvest last week.
#8. At the last but second position at the top 10 was Monero. It gave away 4.19 percent to sell at $37.27
#9. Bleeding profusely through the nose with a whopping negative 14.09 was sensational Bytecoin. It was sold at $0.002367 to finish as the 9th most valuable cryptocurrency.
#10. Golem is back to top 10 glories after dislodging Stellar Lumen and was the least depreciated asset after the market leader. Losing 3.21 percent, you could buy it for $0.48996
Featured image from Shutterstock.
Last modified: March 4, 2021 4:56 PM