The recent serious decline in the market rates affected the crypto market severely. But the crisis is over as the market has slowly risen from the ashes in the past few days. The total value of all the cryptocurrencies increased to a hefty one hundred and twenty-two billion dollars ($122.7).
The market gained over seven billion dollars on Monday and kept thriving till it reached a nineteen billion dollars average. This drastic change in market rates is mainly because of altcoin. Altcoin recently introduced a buy-side with Bitcoin Cash (BCH) and Tron. It includes asset managers, investors, and fundraisers.
Bitcoin had been trading at around three thousand five hundred dollars for the past few days but is now experiencing a prominent increase in value. It is now being traded at around three thousand seven hundred dollars, and the value seems to increase with every passing minute.
Some crypto enthusiasts are skeptic about the longevity of this era of relief. Stephen Innes who is the administrator of Asia Pacific trading at Oanda said that pessimistic agitators would be the cause of the decrease in value at the time of his statement. He also thinks that the governments’ interference and stubbornness to regulate cryptocurrency is the main concerning factor. This issue is causing the crypto valuation to backslide. He also voiced his praise for the blockchain technology and said that it would be globally adopted in no time. Blockchain technology’s success will be a concrete foundation for the rise of crypto.
Tron, which is a leading cryptocurrency paired up with Binance that is a cause of the rapid increase in market rates as it is promoting better liquidity in the market.
This market improvement has proved to be very beneficial for cryptocurrencies like Tron. It was reported that Litecoin’s market cap was more than Bitcoin Cash. But since BCH is picking up the pace and has shown a hefty twenty four percent increase in value in just a day, BCH is moving past Litecoin and also Tether. Its current value is about one hundred and ten dollars.