- CoinGecko releases a new market report for the second quarter of the current year
- The market has been positively influenced by the announcement of the Libra cryptocurrency
CoinGecko, a recognized crypto aggregator of news and information, published its new Q2 report for 2019. In this new release, they provide information about many different topics, including the cryptocurrency market, the price increase experienced by virtual currencies and the performance of crypto exchanges.
CoinGecko Releases New Crypto Market Report
The cryptocurrency market has been expanding during the last six months and CoinGecko has analyzed the most important things that took place in the space. During the last quarter, the report shows that there has been a 125% increase in crypto market capitalization due to the price increase in many virtual currencies.
In addition to it, Bitcoin (BTC) has been one of the best performer currencies during that period of time with a gain of 165% increase in value during that time. The digital currency moved from $4,103 to $10,888. At the same time, the Bitcoin market capitalization expanded from 54.6% to 65%.
According to the report, 87% of 302 exchanges that CoinGecko is currently tracking were added in the last 18 months, which means that the space has been constantly growing. Due to a growing and expanding market, crypto hacks became much more sophisticated over time.
Initial Exchange Offerings (IEOs) have also been expanding during the last quarter as well. As per CoinGecko, this was by far the most popular period of IEOs with 66 out of 72 IEOs taking place during that time. These IEOs gathered $262 million during the first half of 2019. The co-founder of CoinGeck, Bobby Ong, commented:
“Crypto summer is undeniably upon us as we see the industry enter the mainstream consciousness again, in part due to Facebook's recent announcement of Libra. The release of CoinGecko’s Trust Score during Consensus New York has been met with a positive response which emboldens our resolve to empower our users with richer data to make better-informed decisions.”
Thus, this shows that the team at CoinGecko is very excited about the future of the space. The consider that Facebook’s digital currency played an important role in the recent price increase of Bitcoin.
In addition to it, the Lightning Network has grown steadily and it increased its node capacity to 4576 at the end of the second quarter of 2019.