Bitcoin’s market behavior has left even the most optimistic market analysts with their mouths wide open. The uptrend looks unstoppable as of today. So how are altcoins reacting?
In the past, we’ve seen how a rally on Bitcoin drags the whole market along, so when BTC does well, the market’s altcoins improve their market performance too. And that’s the thing that we haven’t seen this time around, or at least not as clearly as before. Some currencies are indeed following Bitcoin’s trend and gaining value while some others are taking their time and keep trading sideways.
In this article, we will have a look at the market state of a few of the market’s most exciting alternative coins.
Ripple’s XRP
XRP was among those tokens that didn’t react very quickly to Bitcoin’s behavior. It kept trading sideways as BTC went up for a while. It was only yesterday when Ripple’s token started to go up, but it went up in style. It soared by increasing 20% in price and hitting the USD 0.40 level, which is as much a resistance level as a psychological barrier for the market.
Maybe the trigger was Coinbase. The exchange and trading platform announced that NYC residents would enjoy of support for XRP so that they will now be able to “buy, sell, convert, send, receive or store XRP on Coinbase.com or using Coinbase iOS and Android apps.” This is not the same as XRP’s inclusion in Pro Coinbase, which happened a few weeks ago.
Litecoin (LTC)
Litecoin is among the coins that follow Bitcoin more closely. So BTC’s bullish market was never going to leave LTC behind, and it hasn’t. LTC’s price has gone over USD 100,00 for the first time in eleven months and reaching its highest point for the current year.
So now expectations are high, and LTC could go even higher if BTC continues to lead the way in the path of the green number.
Binance (BNB)
Binance’s native cryptocurrency was the only one in the cryptosphere that managed to achieve a high point during the catastrophic 2018 bear market. As every asset in the market was plummeting (Bitcoin included) BNB went from trading around the USD 6,00 level to USD 25,00.
Its upwards trend was stable for months until it was broken, most probably by the news of the Binance hack last week. The coin lost 22.6% of its value in just a few days.
As Binance’s trade flow went back to usual, BNB recovered and reached a price of USD 26,86. Also, Binance’s damage control regarding the hack has been very competent.
Cardano’s ADA
Cardano’s founder and leader, Charles Hoskinson, announced a new strategic partnership with Polymath. They will join forces to develop Polymesh (Polymath’s own blockchain) so it can deploy new cryptocurrencies that are fully compliant with security.
Cardano’s high reputation, academic bent, and non-profit philosophy have been appealing to many cryptonauts who believe in Cardano’s project’s future and in ADA, its native cryptocurrency.
As we write this, ADA is trading at USD 0.088032, and it’s gained 11.54% in 24 hours. So it keeps the tenth spot by market capitalization. The project’s robust roadmap, policies, and strategic partnerships could propel the coin’s price to USD 1,00 by year’s end.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.