The cryptocurrency market had enjoyed a decent run over the past week, but it was recently cut short after the bear took a strong stance. This, however, did not dampen the spirits of investors who believed that the assets would rally in the face of the coronavirus threat.
From June 8th to June 12th, the cryptocurrency industry witnessed important shuffles that would sway the sentiments of the holders all around. This week, Tether, a dollar-backed stablecoin, jumped to third place on the cryptocurrency charts after overtaking XRP.
Tether was the unlikely hero of the week as stablecoin became the best performer of the top cryptocurrency assets. The market cap of stablecoin rose significantly to surpass that of XRP, which has been struggling since the beginning of 2020.
At press time, Tether was trading for exactly $1 with a total market cap of $9.194 billion. This figure was much higher than XRP’s market cap of $8.572 billion. The recent capital influx by the US government also helped Tether, boosting its 24-hour market volume to $40.26 billion. The recent bear hike turned Tether’s weekly movement red as the 7-day change was a negative 0.2 percent.
Tether added another feather to its cap recently when Bitfinex integrated the stablecoin into the ONG Network. This was done to reduce confirmation times on the network so that payments can be settled quickly while simultaneously reducing transaction fees.
The Vitalik Buterin co-founded Ethereum was the second biggest performer on the cryptocurrency charts. ETH has been one of the few cryptocurrencies that have seen consistent growth this year, thereby enabling more investors to jump into the Ethereum pool. As its stands, ETH sold at a value of $237.1 with a total market cap of $26.39 billion.
Over the past week, Eterereum had grown by double digits but that was cut short after a 3.93 percent drop in the past 24-hours. This price crunch also brought the 24-hour trading volume down to $12.623 billion. The 7-day fall was just around 2.6 percent but ETH holders were not worried as the asset held strongly to its title of “world’s largest altcoin”.
There’s no week in the cryptocurrency industry that goes by without an update from Bitcoin and this week was no different. The world’s largest cryptocurrency still found it difficult to break the $10,000 threshold as it traded for $9480. A 3.3 percent weekly fall put an end to Bitcoin’s previous rally which was on track to break earlier resistances.