Trading Update: Ethereum Classic rallies along with Altcoins, Enigma up by 22%

The cryptomarket has waved the green flag after the dust has started to settle down of the South-Korean exchange Bithumb and Coinrail where $31 mn and $40 mn were siphoned off, before the hack the crypto market was recovering from the fall and after gaining some momentum the market got hit by the Bithumb hack.

Furthermore, yesterday Tether’s CEO Jan Ludovicus van der Velde cleared its allegations that Bitfinex, the cryptocurrency exchange that shares common owners and managers with Tether, has used Tether (USDT) to artificially drive up the price of Bitcoin.

There was an investigation held for this and the allegations were regarded false by a law firm Freeh Sporkin & Sullivan, LLP (FSS) who gave a report where it claimed that the tether is legitimately collateralized, FSS confirmed that the bank balances of Tether amount to $2,545,067,236.82. On the same date, the number of Tethers in circulation was worth $2,538,090,823.52.

This news gave some strength to the allegations made on Bitfinex and Tether for artificially driving up their prices.

Top 10 coins according to the market cap, recovery seen even after the hit taken by the market

Image Source: CoinMarketCap

The Coinbase announcement of ETC(Ethereum Classic)  getting listed in their exchange has rallied up the sentiments of the Ethereum Classic bulls, also SEC declared that Ethereum will not be considered as security indicating good signs for the Ethereum community.

Ethereum Classic showing signs of recovery  Image Source: CoinMarketCap

Basic Attention Token(BAT) has also recovered in double digits  Image Source: CoinMarketCap

Veritaseum is lesser known coin nevertheless the rise in the prices are unexpected  Image Source:CoinMarketCap 

ARK has also rallied up to reach the cap of $1.60  Image Source:CoinMarketCap 

But the most surprising event was an altcoin Enigma has shown a staggering recovery of 22%, this was pretty surprising as even the news rolled by NewsBTC quoted as Ethereum Classic as the leading altcoin in the top 25 during Asian trading.

Coinmarketcap is reporting a 14% increase in ETC over the past 24 hours making it the leading altcoin in the top 25 during Asian trading. Ethereum Classic is currently trading at $17.09, up from $15 this time yesterday.

 

A staggering 22% spike in the prices of  Enigma  Image Source: CoinMarketCap

Even NewsBTC might have missed out on this surprising spike of the altcoin, Enigma is a decentralized network which is using groundbreaking privacy technologies to build the first platform for scalable, end-to-end decentralized applications.

An unexpected rise by 22% experienced by Enigma  Image Source: CoinMarketCap

The reason for this spike is unknown but one thing is for sure this altcoin is worth looking for.

The total market cap at the current press time is around $290,599,849,730.We expect the market would continue the corrective rally after it was broken down by the news of the South-Korean exchange getting hacked, the altcoins are also experiencing the bullish trends by the investor, this rally is supposed to continue until another FUD or bad news breaks in.

Image Source for featured image: coin360.io


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