Finally, crypto market starts showing at least some signs of recovery: Tether (USDT) manages to enter the top-five cryptos by market cap (for the short period of time though) while EOS gains considerable 25%.
Stablecoins have been gaining dominance in the crypto market due to the continuous slide-down of other altcoins. In the last few months, a number of stablecoin projects have made an entry in the crypto space. Some of the recently announced stablecoin projects include Gemini Dollar (GUSD), Paxos Standard Token (PAX), and TrueUSD (TUSD).
However, on Monday, the most popular stablecoin Tether (USDT) made its way to the top-five cryptocurrencies by market cap. For a short period of time, Tether occupied the top five spot. At the press time, Tether is at the sixth position with a market cap of $1.8 billion.
Despite being surrounded with controversies in the last few months, Tether’s recent performance is quite notable. Tether lost nearly $700 million of its market cap in the last two months, but manage to hold back off lately.
The growing dominance of the stablecoins in the crypto market shows the market outlook is bleak. Stablecoins are nothing but the digital form of fiat currencies. With the massive drop in the crypto space, investors pull-out their money from other tokens and park it into stablecoins. Out of the overall crypto market cap of $104 billion, stablecoins amount to $2.4 billion. The 2.3 percent dominance in the overall crypto space is significantly higher for stablecoins.
EOS Shoots Up 25% to Grab the Number 4 Spot
In the last 24-hours, EOS has surged over 25% to get the number 4 spot while surging above Stellar Lumens (XLM). The Ethereum challenger (EOS) is now just trailing behind it. At the press time, EOS is trading at a price of $2.47 with its market cap stands at $2.2 billion. The EOS price activity over the last week shows that there a significant confidence developing among investors for the EOS blockchain technology.
EOS has posted the healthiest performance in the top 20 cryptocurrencies by market cap. As such, there’s no specific reason behind yesterday’s price-rise. However, EOS recently conducted a three-week workshop and hackathon in India. Moreover, it EOS Global Hackathon in Cape Town, South Africa, is just coming to the conclusion.
The blockchain-based genomic big data platform GeneOS recently won $500,000 price rewards in the Block.one’s EOS Global Hackathon series.
Team GeneOS were selected as the ultimate winners in our marathon #eoshackathon series at the Grand Finale earlier this month. We caught up with them just after the judges announced their decision. https://t.co/DaZkmkNSof
— Block.one (@block_one_) December 17, 2018
Overall Cryptocurrency Market Gains Some Momentum
In the last two days, the crypto market has shown a much-needed positive price swing. In the last 24-hours Bitcoin (BTC) has surged by nearly 8% to climb above $3500. At the press time, Bitcoin (BTC) is trading for $3536 with its market cap at $61.6 billion.
Along with Bitcoin, other altcoins are showing price surge in the 7-15% range. XRP again reclaims its number two spot on the index leaving Ethereum at the third position. XRP has surged by over 15% while Ethereum has posted 9.5% gains.
Once popular altcoins like Litecoin and Bitcoin Cash have slid down to the seventh and eighth position, respectively. On the other hand projects like EOS and Stellar have shown great development in recent times climbing up the ranks.
It looks like as the crypto market moves towards attaining more maturity, quality projects are getting their due recognition. On the other hand, the ongoing hash war in Bitcoin Cash camp after the hard fork has developed a negative sentiment amongst investors.