Chainlink (LINK) and Tezos (XTZ) were able to push the market higher as most of the virtual currencies stabilize after a massive price drop. These two virtual currencies are currently the best performing cryptocurrencies among the top 25 and they could continue leading the recovery.
Tezos and Chainlink Lead The Recovery
Although Bitcoin (BTC) and digital assets experienced a very positive beginning of 2020, they massively fell a few days ago. Some enthusiasts consider this is due to the fact that Coronavirus is expanding all over the world, while others consider that it is related to the markets reacting to the Coronavirus expansion.
Nonetheless, some virtual currencies lost over 14% in just a few hours, making this the largest sell-off since the year started. At the same time, it could also mean the end of the bull market that started in January this year.
At the moment, digital assets have stabilized and are recovering part of the price they lost in the last few days. Nonetheless, XTZ and LINK, the 10th and 11th largest virtual currencies in the market, respectively, are leading the current trend.
While Bitcoin is down 3.76% compared to 24 hours ago, these two aforementioned cryptocurrencies are expanding at very fast rates. While Tezos registered an increase of 4.05%, Chainlink added 6.90% to its market valuation. These two cryptos represent 1.31% of the total crypto market value, that currently stands at $251 billion.
Ethereum (ETH), the second largest virtual currency is now traded around $228 and it has a market cap of $25.14 billion. XRP and Litecoin (LTC) are now traded as the third and seventh largest virtual currencies in the industry. XRP is falling 1.31% compared to 24 hours ago, while Litecoin is being certainly affected, falling by 6.37% during the same period of time.
The main question many analysts and enthusiasts make is whether the bull market in which digital assets were earlier this year would continue in the future. It is worth taking into account that Bitcoin will experience a halving event, which takes place only every four years. This is making the market become very bullish and could help not only Bitcoin but many other altcoins to new highs.
As we reported at UseTheBitcoin, there are some businessman, investors and analysts that are very bullish about this year and the next one. Indeed, they consider Bitcoin could even reach $100,000 per coin.