Bitcoin’s price registered the greatest rebound on June 18th, just after the announcement of Facebook’s new project, Libra.
During April, May and June, the cryptocurrency market experienced a growth of up to 125%, as it was the case of the most popular cryptocurrency, Bitcoin (BTC), whose price went from USD 4.103 to USD 10.888 in only three months.
The increase benefited the five main crypto assets, which includes Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). But Bitcoin led the market.
The information is possible thanks to the figures of the last quarterly report of CoinGecko, which analyses the crypto market, prices, volume and market capitalization, and on-chain metrics.
CoinGecko published the report on its official website and offered a general description of the market status and the main events that occurred during the second quarter of 2019, a time in which “the summer of the crypto-world began to thaw the winter”, as Bobby Ong, co-founder of CoinGecko, in the introduction of the document said.
The graph about the cryptocurrency market shows the dominance of Bitcoin, which grew 10.4% during that period of time, to stand at 65%, whilst XRP (-4.3%) and EOS (-1.3%) lost value. These five cryptocurrencies mentioned on the ranking represent approximately 86% of the general market capitalization.
Influence of Libra
According to the report, Bitcoin’s price registered the greatest rebound after June 18th, when the official announcement about the release of Libra, the means of payment of Facebook, took place.
In addition, with a relatively large margin for the first time in two years, the popularity of Bitcoin had an optimal performance in the finance category according to Google Trends. In the report, it was noted how Bitcoin exceeded “actions” in terms of popularity.
More Exchange Houses
The research also found that the number of cryptocurrency exchange houses also increased during the second quarter of the current year. Now, there are 302. The important aspect is that 87% of these exchange houses emerged in the last 18 months.
In the last quarter, one of the negative results is that cyber criminals managed to subtract more than 7,000 bitcoins for an approximate value of USD 40 million through a single transaction in Binance, one of the main cryptocurrency exchange houses. These rusts or losses were presented in other exchange houses.
In addition to these theft, many exchange houses closed in the first half of 2019, including Quadrigacx, Gatecoin and Liqui. In addition, the Reserve Bank of India forced to close the following banks: Coindelta, Coinome, Koinex, as another negative aspect in the crypto world.
But it also increased the popularity of decentralized exchange houses, new proposals for the creation of new digital assets were presented, as well as more ideas to use blockchain technology were explained.
In this way, the report shows that the results of the second quarter of the year were positive for the cryptocurrency market; therefore, statistics could be similar in the course of the coming months, even when the private project Libra has quickly earned greater recognition than some altcoins.
By María Rodríguez