Bitcoin is trading at $6,300 with a slight dip while VeChain (VET), Ontology (ONT), and ONT (ONT) are severely in the loss as the majority of the coins goes into the red. However, XRP and EOS remain the best bet among the altcoins along with two others.
Bitcoin Bulls at Rest But is it really Worrying?
Bitcoin has been doing well for the past three days, reaching to $6,600 level. Even today, Bitcoin started on a really good note, as it went from $6,500 to $6,619. But as happens in the crypto market, in the past few hours as shown in the chart below, Bitcoin has taken a slight step back and gone down to $6,315, at the time of writing.
The world’s leading cryptocurrency is managing the daily trading volume of $4.3 billion which has also taken a drop. However, the bitcoin bulls also had the altcoins on a surge as well as yesterday a number of coins registered substantial gains that dipped the BTC dominance which is currently at 51.7 percent.
Bitcoin first got a serious hit when Bitcoin ETF of Winklevoss brothers got rejected by SEC, however, since then an ETN has entered the market that now allows US Investors to invest into Bitcoin indirectly. This is a positive news that has strengthened the market.
Moreover, what recently the chief strategy officer of Coinshares, Meltem Demirors, shared about Bitcoin narrative being hard to grasp and tech giants like Microsoft and Intel taking more than a decade to get stable as “New technologies that shift the paradigm takes a long time to really understand” is something that needs to be taken into serious consideration.
XRP and EOS Top the Altcoins
As Bitcoin saw a slight drop, majority of altcoins also registered correction. However, three coins that have been doing extremely well yesterday are on a serious drop today. VeChain (VET) has gotten hit by 16 percent, Ontology (ONT) down by 19 percent and with a 20 percent loss NANO, these three coins got hit the worst.
Meanwhile, the winners are XRP and EOS. The world’s third largest cryptocurrency, XRP has been doing really good for the last two days as it surged from $0.28 to $0.37. Today, most of the day XRP remained in the green, as much as the rise of about 7 to 10 percent, though at the time of writing, it has taken a dip of 0.87%.
With a market cap of $12.5 billion, XRP has been making a lot of buzz with its China plan and constantly adding names to its long list of partnerships and exchange listings.
Sitting at 5th spot, EOS was a lot in the news with its mainnet swap and the controversial governance structure. But one of its most exciting point is gaining yet again the first stop in China’s CCID Public Blockchain Ranking. EOS beats all the other cryptocurrencies in the combined index of basic-tech, applicability, and innovation.
When it comes to price, the $4.6 billion market cap cryptocurrency jumped from $4.32 to today’s $5.62. Though, now it has taken a slight dip and gone down to $5.
The surprise additions to the biggest gainers have been TaTaTu (TTU) rising by over 37 percent and Eternal Token (XET) which is surging by 21 percent.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.