Yesterday’s bearish market seems to have taken a roundabout with most of the popular cryptocurrencies basking in the shadow of the bull. Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] all saw steady rises after a week of price drops.
At the time of writing, Bitcoin [BTC] was rising at a consistent 0.74% with a total market cap of $114.502 billion. The cryptocurrency was trading at $6615.86 with a 24-hour market volume of $3.479 billion. Most of Bitcoin’s trade volume was coming in from BitMEX with a total majority of 18.24%. The volume amounted to a staggering $964.066 million which was miles ahead of its closest competitor, EXX, which had a total Bitcoin volume of $332.818 million.
BitMEX was also in the news recently when BitMEX Research released a report which focused on tracking Ethereum [ETH] balances of the ICO projects over time. The research implied that the ICOs have already sold almost as much as they raised initially in USD.
Bitcoin’s undisputed position at the top of the cryptocurrency charts was questioned by Craig Wright when he stated that the cryptocurrency is a speculated gambling asset. He based his arguments on the reasoning that regulations on Bitcoin imposed certain barriers to the entry into markets as it made business more capital intensive.
Tron [TRX], at press time, was enjoying the biggest growth within the top 15 cryptocurrencies, growing at 2.78% with a total market cap of $1.529 billion. The cryptocurrency was trading at $0.023 with a 24-hour market volume of $136.376 million. Rfinex held the majority of the Tron trade with a total volume of $16.415 million.
Binance closely followed in second place with a trade volume of $16.355 million. Tron’s expansion plans have been creating ripples in the cryptosphere with Justin Sun, the Founder of Tron announcing that Bitfinex will now be supporting the three pairs of TRX with Euro [EUR], Japanese yen [JPY] and Pound sterling [GBP]. The addition of TRX/fiat pairs is being seen as the fiat expansion plan within the Tron community. In his official Tweet, Justin Sun stated:
“Crypto exchange @bitfinex adds #JPY, #GBP and #EUR trading pairs to #TRON. #TRX $TRX”