Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

News
Tue, 06/16/2020 - 13:54
Vladislav Sopov
In its State of The Network 55, the Coinmetrics industry-level analytical team studies how different crypto assets have recovered from Black Thursday
Cover image via U.Today
Contents

On March 12, 2020, the crypto segment experienced one of its bloodiest collapses. Nate Maddrey of the Coinmetics team unveiled a list of assets that managed to recover in three months.

Few recovered, Crypto.com (CRO) is a champion

Mr. Maddrey compared the price and market capitalization of Bitcoin (BTC) and the top altcoins on February 14, 2020, which was the peak of the recent cryptocurrency rally, with the same data for June 14, 2020.

Image by Coinmetrics

As a result, it was unveiled that both Bitcoin (BTC) and Ethereum (ETH) demonstrated brilliant performance and have almost recovered from the tragedy of March 12th. However, they have failed to erase all losses.

The most significant gains among the top altcoins have been demonstrated by the Crypto.com coin (CRO). At press time it is changing hands at $0.11 on major spot exchanges, or 60% up since Bloody March.

Cardano (ADA), Unus Sed Leo (LEO), ZRX and the OMG Network Token (OMG) are also outperforming their pre-crash price positions.

Technology and listings are the most influential catalysts

It looks like two main drivers are behind the solid growth of altcoins from the Coinmetrics top. Vocal listing announcements and achieving important technological milestones contributed to this recovery.

E.g. Cardano (ADA) is inching closer to the mainnet launch of its fully decentralized phase, Shelley. Recently, the Friends and Family Testnet Stage was replaced by the Open Public Testnet.

OMG Network Token (OMG) pumped on the announcement of the migration of all USDT transactions on Bitfinex to the Plasma infrastructure built by OMG.

The OMG Network token also rallied after getting listed on Coinbase Pro. Also, the Crypto.com Coin (CRO) was listed by the popular decentralized cross-chain instrument, TronWallet.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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