When Bitcoin (BTC) broke $8,000 less than 24 hours, we were a bit skeptical that the increment in value was not real, or organic, for the total crypto market capitalization was still stagnant at around $290 Billion. The only possible explanation was that everyone was shifting base from Alt-coins to BTC due to a FOMO effect. The theory was that traders were in fear of missing the impressive BTC rally and were abandoning their alt-coin positions in the droves.
BTC is up 7.70% and currently trading at $8,323. The total market capitalization has also gained to current levels of $303 Billion and the following alt-coins are doing great! The additional volume has propelled them to the stratosphere.
Bitcoin Cash (BCH) is currently up 9.59% in the last 24 hours. The relatively young coin (1 year) is currently trading at $861 and looks poised to head back to levels above $900 by the beginning of the weekend. EOS is also up 9.19% at the moment of writing this and trading at $8.67.
Our favorite coin of Tron (TRX) is up 12.86% at the moment of writing this. TRX is currently trading at $0.038 and looks set to return to former glory above $0.040 as it reenters the top 10 coins. The current rally of TRX can be attributed to the fact that Justin Sun has officially added 100 Million BitTorrent users to the Tron (TRX) ecosystem. This act by Justin has probably boosted investor confidence in the digital asset.
Looking at Monero (XMR), the privacy coin is up 9.73% in the last 24 hours and trading at $146 at the moment of writing this. ZEC is currently up 14.46% and trading at $222. Zilliqa (ZIL) on the other hand is also doing great with gains of 9.85% in the last 24 hours. ZIL is currently trading at $0.0757.
Mithril (MITH) is currently up an impressive 20.12% and trading at $0.879. IOST is also doing magnificently well with 24 hour gains of 30.76% and currently trading at $0.030. MaidSafeCoin (MAID) has also responded to the influx of new volumes in the markets and is up 12.84% in the last 24 hours and trading at $0.48. Komodo (KMD) is up 9.53% and trading at $1.59 at the moment of writing this.
It seems that the BTC rally is more or less official. The King of Crypto has made it possible for the above 10 coins and tokens to exhibit impressive gains in the crypto-markets. One is tempted to compare these gains to those witnessed back in November 2017 before all hell broke loose in December and BTC made it to $20,000. But we do not want to jinx the markets with early declarations.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
[Photo, Muay Thai Fighting techniques. Source, evolve-mma.com]