Tether: capitalization reaches $ 7 billion
The news of the day is that for the capitalization of attached, stablecoin launched in 2014, today crosses the $ 7 billion threshold for the first time.
Tether, in the stablecoin sector, occupies more than 84% of the market with a daily volume of more than 96%. If Tether continues the trend of these weeks (at the end of March, it exceeded 4.5 billion dollars), it is not excluded that it can jump positions by capitalization, undermine Ripple (XRP) which records less and less daily exchanges.
Ripple, to date, has just over $ 8 billion in market capitalization, but in recent days it seems to be attracting less and less interest from investors, trading less and less volume.
In a daily context, in fact, there are days after record exchanges of Bitcoin and Ethereum, and excluding Tether, before daily dollar trading, the third to see high trading volumes, more than Ripple, is Chainlink.
Today, the prevalence of the red sign is clear. By browsing the list of cryptocurrencies with a larger capitalization, you can see the first positive sign going even beyond the 50th position, and precisely up to the 53rd place where there is Enjin Coin who with a double-digit climb climbs the podium of the best.
Among the first 100, 4 are positive. The best is ENJ which, with today’s high jump, highlights a strong upward trend that started since the lows of mid-March.
With today’s rise, Enjin returns to exceed 11 cents, levels it had abandoned in early March.
Enjin, an NFT token that sees Microsoft’s participation in its development, brings prices back to the levels of early March, thus officially putting the bearish period behind them, thereby resuming a positive upward trend which could give wings for a new extension . also in the coming weeks.
aave (LEND) is the second best crypto of the day, in 94th position and 34 million capitalization. Today, it is increasing by 3%.
In addition to the 4 positive tokens, the others move below parity, the worst of the top 10 Binance Coin (BNB) which fell by more than 5%, as did Chainlink (LINK). For LINK, these are profits taken after the strong increases which lead to regain the 11th position of the ranking.
Today is a temporary setback in a context which sees the cryptocurrency sector gaining ground from mid-March. In a phase of reconstruction of the upward trend, it is also physiological to find red days like today.
The market capitalization is less than 200 billion. Dominance remains unchanged for Bitcoin, Ethereum and Ripple.
By observing the trend more in a medium-term context, we can observe how the correlation between Bitcoin and gold continues to decrease, gold which has pushed higher over the past 5 days while Bitcoin, with the rise of the weekend, has shown a lack of conviction to surpass the highs of early April.
On the contrary, gold 5 days ago recorded the highest peaks of the last 8 years, thus highlighting a correlation it decreases.
The movement of the last hours sees a continuous correlation with the S & P500 stock index, but it is an event that needs to be contextualized at this time.
If we observe the correlation between Bitcoin and the S & P500 as well as the other historical index of the stock market of Dow Jones, the two have a correlation of 0.2%, a Pearson index that shows how the stock market with that of cryptocurrencies really marries short periods of mirror movement.
Bitcoin, after 5 days, returns below the psychological threshold of $ 7,000. In doing so, it is increasingly aligning itself with the hypothesis of being close to the end of the monthly cycle scheduled for this week’s course.
It is important for Bitcoin to keep prices above $ 6,700 and not go further if it drops below $ 6,500. Below this threshold, some alarm bells would start to ring in the medium term.
Ethereum is doing better and remains in a strong bullish channel that started from the March lows. Ethereum, compared to weekend highs, drops about 10% to today’s levels, but that does not affect the weekly upward trend that sees Ethereum gaining about 10% from Tuesday levels last, among the best performances of the first 30 crypto for capitalization.
Ethereum, although behind Bitcoin, is starting to close the monthly cycle scheduled for next week.
For Ethereum one holding $ 155 in the coming days will confirm the uptrend. New purchases could be drawn to a break from the weekend highs above $ 190.
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