After a recent surge in price in the last few months, digital currencies are beginning to pick pace and this time around, they are out-performing assets like gold, crude oil and equity.
With most cryptos gaining massively these past few days, such gains are nothing short of impressive when compared to prior years i.e. 2011 to 2017. This phenomenon is due to the rise in the price of Bitcoin (BTC) which brought extra investment to the crypto space.
One thing most investors know is that volatility in price or gains in investment for other cryptocurrencies are controlled by the value of BTC. Altcoins, on the other hand, have been testing their support levels for quite some time and as such have been looking forward to a record-breaking season.
The alt-season gains was not expected for a while because of the recent dip in the price of major cryptocurrencies. In the past few days, the dream has finally come to fruition as majority of digital currencies saw double digit gains.
Starting with BTC, which is currently the most valued digital currency in the market, the pioneer coin has always triggered a rise in prices of its peers.
In the last seven days, BTC has been the best performing cryptocoin gaining almost half of its initial price before the end of April. BTC currently has a market dominance of 60% and a market capitalisation of more than $125 billion and an addition of $25 billion this week.
- Opening Price: $5717
Closing Price: $7182
The weekly gains: 25.62%
Weekly High/Low: $7464/
BCH: The Bitcoin Cash
BCH experienced a resurgence when the price of BTC increased to $7000. Although, it this gains were not limited to BCH alone, other alt-coins also experienced a vertical surge in price. BCH, however, crossed the $350 level after the news of BTC crossing the $7000 mark hit the internet on Friday.
According to market capitalisation, BCH outperformed Litecoin (LTC) to regain its previously held 4th position among the leading alt-coins.
- Opening Price: $290
Closing Price: $362
The weekly gains: 24.8%
Weekly High/Low: $387/$270
LTC may not be having the best of runs so far having lost its 4th position to BCH a few days ago. The coin has been testing its support level and resistance with the $70-$78 price level. Although, when compared to other alt-coins, BTC’s bull run pushed LTC above the $70-$78 to test its yearly highs.
- Opening Price: $74
Closing Price: $90
The weekly gains: 21.1%
Weekly High/Low: $95/$70
For some time now, Ethereum have been hovering within the $165 price level for a couple of months but have achieved a new year high of $270. The price broke above the support and resistance level of $165. In terms of the total market capitalisation, ETH also went beyond $20 billion. Ethereum also has a market dominance as high as 10%.
- Opening Price: $161
Closing Price: $194
The weekly gains: 20.4%
Weekly High/Low: $207/$157
The most popular private cryptocurrency Monero also achieved a considerable price high after a break-out began this week. Analysts believe this could be because of the recent attacks on Zcash’s ecosystem.
- Opening Price: $66
Closing Price: $78
The weekly gains: 18.18%
Weekly High/Low: $63.68
In addition, Bitcoin SV (BSV) gained about 20% in price. The price as at the time of writing this article is at $63.43.
Notwithstanding, other alt-coins like Cosmos ATOM and Binance BNB were in red, recording negative figures at 24% and 6.6% respectively. BNB’s price is definitely linked to the recent security breach which caused hodlers to sell their assets.
**The data was taken from Coinbase on a 4-Hour Chart (TradingView) at around 5: 00 Hours UTC on 12th May 2019.