Litecoin Leads Crypto Market Back Above $170 Billion; Nasdaq-Backed ErisX Launches Spot Trading
After a rocky start to the week, the cryptocurrency market pivoted higher on Tuesday, with large-caps Litecoin (LTC) and bitcoin cash (BCH) leading the recovery. Meanwhile, cryptocurrency exchange ErisX, which is backed by Nasdaq Ventures and Fidelity, has officially launched its spot market, upping its efforts to bring transparency to the digital asset class.
Crypto Markets See Green
Nearly all of the top-20 cryptocurrencies traded in positive territory on Tuesday. After a sharp correction, Litecoin was back on the offensive, gaining 7.3% to $72.73. The so-called silver to bitcoin’s gold is trading well off yearly highs but appears to have found some stability around the $70 mark. LTC fell below that region during the weekend but has quickly recovered. Despite the pullback, Litecoin’s price has more than doubled this year.
Bitcoin cash also emerged as a top performer, gaining 7.4% to $257.79. BCH entered extreme overbought levels earlier this month and has since corrected some 23% lower.
XRP was back above the pivotal 30-cent mark, gaining 5% to $0.3079. The so-called banker’s cryptocurrency has struggled to keep pace with the broader market and is trading at as significant loss in 2019.
EOS rose 4.6% to $4.73. Stellar (XLM) was back to trading near the 10-cent mark, gaining 3.6% to $0.00998. Cardano (ADA) climbed 4.4% to reach $0.0683.
Bitcoin (BTC), the largest and most influential cryptocurrency, climbed 2.1% to $5,350.26, according to CoinMarketCap. The average price is being skewed sharply higher by a significant premium on Bitfinex. Read more: Bitfinex: The Plot Thickens (and So Does the Bitcoin Price Premium).
The total cryptocurrency market capitalization rose by more than $5 billion to $173.8 billion. Bitcoin’s share of the overall market has declined slightly to 54.5% after peaking at 55% earlier this week.
ErisX Launches Crypto Spot Market
One of America’s most highly touted cryptocurrency exchanges has officially launched a new spot market for digital assets, bringing a new layer of transparency to digital trading. As of Tuesday, the Chicago-based ErisX platform is inviting traders to access “the most robust and transparent market or digital assets,” according to an official tweet.
ErisX is continuing to execute on its vision for a unified spot & regulated futures market for digital assets w the public launch of our spot market. For access to the most robust& transparent market for digital assets, please sign up for an invite code.https://t.co/Dd61AKQha2
— ErisX_Digital (@ErisX_Digital) April 30, 2019
The firm has already enabled support of U.S. dollar trading pairs with major cryptocurrencies like bitcoin and Ethereum. The end goal is to develop a single platform for regulated cryptocurrency trading that extends to futures and spot markets.
ErisX has attracted big buyers, with Fidelity Investments and Nasdaq Ventures among its early investors. TD Ameritrade, one of America’s largest brokerage firms, has also thrown its weight behind the platform, sending a strong signal that it too was eyeing entry into the digital asset market. Read more: TD Ameritrade Backs Regulated Cryptocurrency Exchange.
The next order of business for ErisX is securing approval from the Commodity Futures Trading Commission to launch its regulated futures exchange. No approval timetable has been provided.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.