On the 25th of April 2019, the entire crypto market went through a tumble. This is after a controversy rocked some of the major key players in the market. It was between the office of the New York attorney, Tether, a stablecoin firm, as well as Bitfinex exchange. However, prices have since recovered since the events of that day. The whole crypto market has been able to regain a total of $4.3 billion after losing a whopping $10 billion just last week on Thursday. In addition to that, various crypto coins have also gained new prices and are doing quite well. Bitcoin Cash is the leading crypto market when it comes to general improvement in the market capitalization. In the last 24 hours, BCH has been able to gain more than 5%, which places it at the top.
Great Improvement In The Crypto Market
The Tether and Bitfinex controversy has riled up the entire crypto community on social media for the last six days. It started when the New York Attorney General accused Bitfinex of losing a whopping $850 million. It was alleged that Tether was used in covering up the loss. As a result of the announcement, almost all virtual coins dropped in fiat value. They lost between 5 to 15% over a 24-hour period. Since that time, a slight market recovery has been witnessed all over. The market prices are now doing much better, even if the international trade volume is a bit low.
The Day’s Aggregated Average
Bitcoin Core, one of the major crypto coins, is currently trading at around $5,369. There is, however, a major spread between a number of spot exchanges that trade the coin. At Bitfinex, for instance, the coin is trading at roughly $5,600. Ethereum secures the second largest capitalization, with each of the coins swapping for $160 for a single unit. It is closely followed by Ripple, with each coin trading for $0.30 for a single unit. In the entire 18,094 markets that have been analyzed, there has been close to $44.9 billion in international trade volume for all the cryptos. However, there is an interesting data that stems from Coinlib.io. it shows that there is $1 billion worth of international trade volume between the Brazilian real and Bitcoin Core.
The Market Action For Bitcoin Cash
On the first day of May, Bitcoin Cash emerged as the new market leader. It was able to rise by 5.4% out of the leading ten cryptos in terms of market capitalization. Each BCH is currently trading at a price of $266 for a single coin. On the other hand, Bitcoin Cash has a general market capitalization of $4.7 billion. Also, $1.82 billion worth of international trade volume has been transacted in the coin for the past 24 hours. At the moment, Bitcoin Cash is the sixth most traded virtual coin. It is just right below the trade volumes of the EOS and XRP. Bitcoin Core is now the dominant pair traded with the Bitcoin Cash. BTC, on the other hand, leads with 43.7%.