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Volatility is back in the encrypted market and Bitcoin is trading below $ 4,000 now. Bitcoin is not the only crypt to be hit, the whole market is down so much that there are only 9 cryptos with more market capitalization of $ 1 billion.
Cardano the tenth largest crypto, with a trading value of $ 0.038, fell below $ 1 billion in market capitalization. Bitcoin still has the highest market capitalization with a huge margin maintaining its market dominance above 53%. Although Bitcoin's market value is $ 67 billion and significantly down from its maximum of $ 237 billion, it is still a huge number. It still has more market value than Tesla, the electric car and battery technology, which has a market capitalization of $ 61 billion.
The XRP is the second largest crypt with over $ 14 billion in market capitalization, although at its peak it had over $ 100 billion in value. Ethereum, which lost second place during the recent bear run, has a market capitalization of $ 11.3 billion. Another notable change in the first 10 cryptocurrencies is that Stellar overtook Bitcoin Cash to take 4th place.
Overall, the entire encrypted market capitalization is down 75% from its peak. Currently, all market indicators are in red, with the exception of stablecoin and marginal currencies such as Waltonchain, which has increased by 200%.
Interestingly, there have been growing suspicions that Tether and Bitfinex have manipulated the market. Bloomberg reports that the criminal probe focuses particularly on Tether's connections with bitcoin fixing. Some traders – as well as academics – have claimed that these Tethers are used to buy Bitcoin at crucial moments when the value of the most thrown ubiquitous digital tokens. Although JL van der Velde, CEO of Tether Ltd. and Bitfinex, has previously rejected these claims.
Even though things may seem grim, it is important to remember that the criptos are making progress in regulatory clarity and adoption all over the world.
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