Bitcoin and the cryptocurrency markets finally lost steam by the end of Day 2 of its unprecedented rise which began on 2nd April. The price of Bitcoin at 4: 30 Hours UTC on 4th April 2019 is trading just above $5000. At the end of Day 2, Bitcoin [BTC] added $17.5 billion to its total market capitalization.
The bullish candle-stick on the 4-hour chart of Bitcoin was followed by a brief steady rise yesterday as Bitcoin recorded a high of $5345 on Coinbase. Bitcoin added almost $18 billion to its total market capitalization during the high yesterday.
Moreover, some of the altcoins which had already gained during Q1 of 2019, capitalized on their gains further. The total altcoin market added about 18.5 billion dollars during the high yesterday. The dominance of Bitcoin over the cryptocurrency market on 4th April 2019 is 51%.
Bitcoin Cash (BCH)
The alternate Hard Fork of Bitcoin, Bitcoin Cash [BCH] stole the limelight from Bitcoin’s bullish move on 3rd April. It registered a high of about 95% in two days. Multiple double digits rise on a 4-hour scale reminiscence of the rise in 2017 when BCH reached an All-Time High of $4355.62
Price at the beginning of the move on 2nd April: $167
Current Price: $310
Litecoin, the ‘digital silver’, had been on the rise for more than a month. In the first quarter of 2019, Litecoin gained nearly 100% as it traded around $30 at the beginning of the year.
Litecoin just needed the right push from Bitcoin to completely confirm the reversal from the downtrend. Litecoin gained more 65% in two days during the high; it was trading just below $100 before the correction began.
Price at the beginning of the move on 2nd April: $60.89
Current price: $86.5
While BCH and LTC created a frenzy, Ethereum (ETH) too took the cue from the market and gained 25% in 2 days during the rise yesterday.
The other top Dapps (Decentralized Apps) platforms also gained by a significant percentage. EOS and Cardano’s ADA recorded a high of about 40%, while Tron rose by 22.5% during the high.
Price at the beginning of the move on 2nd April: $142.3
Current price 161.85
XPR and Stellar Lumens (XLM)
XRP’s run began rather slowly, however, the total market capitalization of XRP neared that of Ethereum again as apprehensions of flipping of XRP and Ethereum started doing the rounds. Currently, the difference between their total market capitalization is $2.811 billion.
Moreover, XRP gained 18% as Swiss-based Amun AG released an XRP backed Exchange Traded Product on Six Exchange. Stellar Lumens (XLM) gained almost 22% during the high.
Price at the beginning of the move on 2nd April (XRP): $0.312
Current price(XRP): 0.314
A rise of these proportions is nothing new for the cryptocurrency market. However, the cryptocurrency market had been reeling under bearish pressure for far too long. Hence, while it came as positive news for the ‘Hodlers’, the weekly closing of the markets will be an important factor affecting market sentiments for the rest of the year.
Do you think the cool-off is only temporary, and the rise will continue or further corrections are in order? Please share your analysis with us.