Bitcoin, Ethereum, Altcoins See Mass Green as Crypto Markets Surge
Crypto markets are experiencing growth, continuing after yesterday’s $13 billion capitalization bounce.
Market visualization from Coin360
Bitcoin price chart. Source: Cointelegraph’s Bitcoin Price Index
Ethereum price chart. Source: Cointelegraph’s Ethereum Price Index
Out of the top ten coins on Coinmarketcap, altcoin TRON is seeing the biggest growth, up more than 16.5 percent over a 24 hour period and trading for about $0.05 by press time. This price rise could be attributed to the news last week that TRON founder Justin Sun has acquired streaming service BitTorrent for an undisclosed sum.
TRON price chart. Source: Coinmarketcap
The only coins in the red of the top 50 are Tether, down by 0.26 percent over a 24 hour period, and Binance Coin, down a little more than 2 percent over a 24 hour period and trading for around $16.62 at press time. Tether’s negative growth may be due to the recent reports of the coin’s connection with Bitcoin price manipulation last year.
Total market cap is at around $288 billion by press time, up from this month’s low of around $264 billion on June 13.
Total market cap of all cryptocurrencies. Source: Coinmarketcap
The current market rise comes even after the recent news from the Bank of International Settlements (BIS), which wrote in a report that cryptocurrencies cannot scale enough to function as money. In response to the BIS report, CIO of the Altana Digital Currency Fund Alistair Milne tweeted:
Quote of the day:— Alistair Milne (@alistairmilne) June 19, 2018
"The Bank of International Settlements saying Bitcoin is bad is like turkeys releasing a research paper about all the reasons Christmas is a terrible idea"