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.