cryptocurrencies

Top 20 Cryptos Register Gains After Massive Price Drop

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

All top 20 cryptocurrencies in the market are currently registering moderated gains after the massive price drop experienced a few days ago.

Although the recovery is not a sign of reversal, it marks a momentaneous bottom in the crypto market. 

Top Cryptocurrencies Register Gains

Among the top 20, Tezos (XTZ) is the best performing digital currency with a price increase of 5.89% in the last 24 hours. This is followed by Ethereum (ETH) growing 4.53% and Chainlink (LINK) with a 3.91% growth. 

The most popular cryptocurrency, Bitcoin (BTC), is moving upwards by 1.46% during the same period to $8,173. A few days ago, Bitcoin was traded around $10,400 when it suddenly dropped to under $8,000 for a short time. 

Other digital currencies followed, including XRP, Bitcoin Cash (BCH) and Litecoin (LTC), among others. Most of the cryptocurrency market expected Bitcoin to surge and start moving towards $15,000 and eventually $20,000 to surpass its all-time high this year. Although it can happen, possibilities get smaller and smaller over time. 

XRP today is growing 1.11% to $0.2425 per coin, Bitcoin Cash is expanding 3.02% to $222.02 and Litecoin is moving 1% to $55.57 per coin. Bitcoin remains in control of the market, considering it has a dominance of 67.7% close to the multi-year high of 70% reached a few weeks ago. 

EOS is growing 1.67% followed by Binance Coin (BNB) with an increase of 3.24%, Bitcoin SV (BSV) (1.13%) and Stellar Lumens price grew by (XLM) 1.52%. These digital assets are being traded close to $2.84, $15.7, $84.13 and $0.0592 per coin, respectively. 

According to a recent report released by IntoTheBlock, 79.8% of Ethereum holders are registering losses. This represents 24.8 million addresses on its network, representing a growth of 22% in just a week. There are only 4.8 million users that are still profitable with their holdings. 

Something similar happened to the Bitcoin network. 8.1 million addresses (29.7% of the total) are registering losses. 18.3 million (67.4%) is still in green territory. Last weeks, these numbers were 23.% and 76% respectively. 

This shows that the recent price drop affected the whole market rather than just a specific cryptocurrency. Both Ethereum and Bitcoin were hit hard by the recent price performance. 

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