The bears are still having their say in the cryptocurrency market as sentiments still remain bearish, with the market sell-off intensifying. Just yesterday, with Bitcoin falling below $29,000 and Ethereum dropping below $1,800, many are worried that the cryptocurrency market will lose its trillion-dollar status.
In fact, yesterday’s selloff saw 137,446 traders liquidated. The total liquidations come in at $517.24 million. The biggest single liquidation order occurred on Okex – ETH-USDT-SWAP valued at $3.30 million. Most crypto assets decreased in price after briefly decoupling from the rise in growth stock prices. The global crypto market stood at $1.18 trillion at the time of writing, down 5.35% over the previous day.
Although majority of the top 100 cryptocurrencies by market capitalization posted weekly declines, Tron’s TRX and Ethereum Classic’s ETC, both came out strong, posting double-digit gains. TRX posted a weekly gain of 11.42% while ETC posted 11.80%.
Why these two posted gains
- Ethereum Classic’s (ETC) price surged more than 9% in the last 24 hours, with trading volume jumping 40%.
- The rally is fueled by instability in the Ethereum Beacon Chain that underwent block reorganization. This got investors questioning the stability of transitioning to proof-of-stake (PoS).
- While the Ethereum (ETH) price slips below $1800 posting a 10% decline for the week, the proof-of-work (PoW) ETC price continues to soar higher.
- ETC’s price has risen more than 15% during the week from the $20 level, making a high of $25.54. Despite a slight pullback, the price is trading strongly near the $22 level as of the time of this writing.
- Due to worries about the transition from PoW or PoS on Ethereum, ETH witnessed massive liquidation in the last 24 hours. This in turn saw Bitcoin’s market dominance jumped to 45.75%, the highest since October 2021.
- The reason we are seeing an increase in the price of Tron’s native token, TRX, is as a result of the growth of its programmable stablecoin, USDD.
- Amid uncertainty over the reliability of stablecoins and bearish trends in the crypto market, one stablecoin, USDD, continues to shine.
- USDD, the decentralized algorithmic stablecoin based on TRON, is on a growth spree despite an overall cryptocurrency market crash. The market cap of the stablecoin has been growing leaps and bounds ever since it launched earlier this month.
- USDD currently has a market capitalization of $602 million, up 4.48% in the last 24 hours as adoption of the stablecoin continues to increase. USDD had a market cap of $378 million on May 21, representing a 60% gain in just 7 days.
- It currently has a volume of transaction of approximately $91 million in the last 24 hours, indicating that adoption of the stablecoin is growing strongly.
Although the market is still bearish, we are seeing clearly that some tokens like TRX and ETC are still able to post gains amid terrible market conditions. This indicates that investors are continuing to see the value chain of use-cases the market presents itself with and we expect more of this as the market decouples from Bitcoin’s influence.
