The top 10 cryptocurrencies listed on the Coinmarketcap.com are presently in the green with total market capitalisation nearing $392 billion, indicating slight growth in the crypto markets. Bitcoin is trading at $8520 currently showing a growth of around 3% in last 24 hours.
Ethereum is up around 3% over the past 24 hours and has surpassed the level of $700 with current trade at $719. Total market cap, which dropped to the lowest i.e. at $361 bn on May 18 recovered slowly reaching around $392 bn.
Interestingly Tron (TRX), a new entry into the top-10 altcoins by market cap, has acquired some of the longest gains over the past 24 hours, up 11% and trading at $0.016.
Bitcoin cash (BCH) is trading at$1280. The coin has witnessed the biggest weekly loss among the top 10 contenders around 12. 5%.
During this week’s consensus conference in place of the expected boost as predicted by some analysts the crypto markets have seen a drop of around 10%. Regarding the drop, one of the renowned analyst Fundstrat’s Tom Lee remarked that there is lack of “trifacta of progress” such as support from banks, regulatory clarity and institutional tools.
William Mougayar, Ethereum Foundation Advisor expressed that the fundamental understanding of cryptocurrencies is not much among the regulators. He particularly highlighted the lack of understanding in this regard in the US Securities and Exchange commission (SEC) which leads to the application of one-size-fits-all-approach neglecting the core nature of the industry.
As per the media report, Supreme Court of India made it clear that complaints against the Reserve Bank of India’s recent ban on banks servicing crypt- related accounts cannot be filed in any High Court of India.