Out of the blue, the crypto space seems to have come alive after weeks of sideways trading and little movement to indicate a specific direction of the cryptocurrency markets. Altcoins have come alive with Ethereum and XRP leading the charge this time, while Bitcoin sits still.
Within the last twelve hours, Ethereum (ETH)has risen to slightly above the $200 psychological resistance level (about 7.69%) and it is currently trading at $213.99. XRP has risen to $0.31 indicating an impressive 13.73% rise as well. Bitcoin’s price, however, remains slightly below its intraday high of $10,300 at $10, 221.71.
Overnight prices indicate that prices went much higher than the current trading prices with Ethereum staying within the 7% range while XRP going as high as 16% to around $0.43.
Bitcoin Cash (BCH) also went up by 4.89 % to $323.72 in the last 24 hours, Litecoin (LTC) is up 3.71 % at $75.53 , Tether (USDT) by 0.28% to $1.01, EOS by 0.65% to $4.10 and Binance Coin (BNB) by 7.58% to $22.30
This indicates several things and hopefully, the market will remain active no matter the odds and supposed perils faced.
Is This the End for Bitcoin?
Many naysayers who believe that the crypto space is a farce (that is another story for another day) will already put nails in Bitcoin’s coffin and say that this is the end for the first of the cryptocurrencies. The reverse is the case as many things are happening at the same time and this may boost cryptocurrency acceptance and Bitcoin’s price will still rise sharply to levels neither seen nor heard of.
Bitcoin’s dominance, however, will reduce slightly as fresh holdings in the altcoins continue over time. This is only to be expected if the price push by altcoins continues and becomes a trend in itself.
New Cryptocurrency Market Activity Indicates Fresh Entrants
The sudden interest in the cryptocurrency markets indicates that fresh entrants into the markets are on the rise. This may not be unconnected with the launch of the Binance US trading platform which gives United States residents access to its highly intuitive and liquid trading platform as several of the tokens whose prices have risen are also listed as pairs on the new platform.
This may be one of the factors accounting for the sudden activity in the altcoin space. Besides, the United States millennials are known to have core interest in cryptocurrency investments as a hedge against traditional investments which are known to transfer the fiat money system’s inflationary effect into retirement savings accounts and other traditional forms of investments.
Fresh pairs are expected to be listed as the American investing public are also going to be investing in these new cryptocurrency pairs and will be leading the charge as well.