Altcoin Rally: Another $10 Billion Hit In The Market

With the ongoing Cryptocurrency rally, yesterday was the second day. The rally has run for two days consecutively and has further garnered $10 billion to the complete market capitalization.

Through this push, the Cryptocurrency market has been driven to roughly $134 billion. This is the highest the Cryptocurrency market has gotten since the crash in January. Roughly six weeks back.

It was most likely ten days ago the Cryptocurrency market hit a depression of $111 billion. And, they have managed to recover about twenty percent to attain their current stage.

However, the big question in the heart of the Cryptocurrency fans centers around if the rally can become a long term uptrend or it is just another mega crash waiting to happen.

The Altcoins

For Ethereum, it started the run yesterday, and it was able to pump about twelve percent. It outran the majority of the highest altcoins including Bitcoin. For now, the huge performer is EOS.

EOS has taken a jump of over twenty-four percent to land at $3.60 currently. The Altcoins hit an increase of $3.79 just some hours ago. This $3.79 has been its best price since the market purge of November 2018.

Furthermore, daily volume has risen to over $2.3 billion. This has shifted the EOS market capitalization to $3.25 billion. Putting it in the fourth place away from LiteCoin.

While nothing has been found to be driving EOS currently, asides from the fear of missing out or FOMO, a pullback is imminent.

The Bitcoin cash has even had a sturdy performance. It gained about thirteen percent, and this drove it to $147. It chased LiteCoin further down. LiteCoin was chased with a rise of seven percent to $47.50.

Meanwhile, Ethereum made another seven percent which took its price further up to $147. This has pushed it to roughly $2 billion that is clear of XRP when it comes down to the market capitalization.

For Bitcoin, it is getting a weighty resistance at $4000. However, it is still going up currently. It has a five percent gain with an increase of $3.970 just some hours back. Additionally, Bitcoin has dropped back to $3.920 and has remained there.

Some of the other high performers are altcoins. They have been hit the hardest in the past weeks. These altcoins include;

  • IOTA
  • Ethereum Classic
  • Dash
  • Cardano, and so on

They are all rising about six to eight percent. Currently, the Altcoins are enjoying the largest gains for the last two days.

Some expert analysts have gone on to predict the starting of what they call the altseason, just by taking a look at the full market capitalization without looking at Bitcoin. This has broken off the yearly trend, and the dominance of Bitcoin has dropped to fifty percent.

To Wrap It Up

It can be clearly stated that things are taking a positive turn for most of the Altcoins. Ultimately, Bitcoin is playing its first catch up. While this pattern is known to be a repeated one, we all know Bitcoin will surely have its special day very soon.

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