The past 48 hours have seen significant shifts in the cryptocurrency market, especially in terms of value and market caps. These changes could be attributed to the Congressional and Senate hearings on Bitcoin and Facebook’s Libra, an event where critics and proponents of the industry went in all guns blazing.
An analysis of the cryptocurrency market over the past 24 hours showed the drastic changes the coins incurred, ranging from good performances to significant drops in prices. Bitcoin and Ethereum, the top two cryptocurrencies, saw very limited changes, both growing by 4.2 percent and 9.43 percent, respectively. At the time of writing, Bitcoin was trading at $9876.31, while Ethereum was still trading above the $200 mark, clocking in at $217.05.
However, the market’s best performers over the concerned time period were Nano, BSV, LINK and Litecoin. Nano grew by a whopping 26.36 percent, causing the price to shoot up to $1.16. The 44th place cryptocurrency held a market cap of $154.13 million, and a 24-hour market volume of $18.93 million.
The second-biggest gainer was Roger Ver’s rival, Bitcoin SV, which gained by 14.03 percent over the course of 24 hours. The cryptocurrency was trading at $129.66, with a market cap of $45.62 million, at press time.
LEO, which was in the news multiple times over the past week, fell by 1.2 percent and brought down its market cap to $999.5 million. LEO was in the news after Bitfinex announced revenues from margin trading funds dedicated to the cryptocurrency. Bitfinex had stated,
“On a continuous basis, Bitfinex buys back UNUS SED LEO from the open market equal to a minimum of 27% of the revenues of iFinex, including trading fees, funding fees and revenues associated with Tokinex. This occurs in perpetuity until no tokens remain in circulation. Over the past two months we’ve added numerous fee benefits to UNUS SED LEO token holders, including an array of taker fee reductions.”
As previously stated, the market’s performance was linked to the Congressional and Senate hearings on Facebook’s Libra and cryptocurrencies. One key highlight were the comments made by Congressman Patrick McHenry, who said,
“It is an unstoppable force and it should be our duty to not deter it. Many have tried doing it in the past and they have failed. Right now, the question is what policymakers are going to do with this opportunity of new innovation at hand.”