Bitcoin and the cryptocurrency added over $6.5 billion in 24 hours as the market gained by 3.9%. The price of Bitcoin at 4: 00 hours UTC on 1st May 2019 is $5378. It is trading 2.55% higher on a daily scale.
However, on an alarming note, the Bitfinex premium has increased to $304. The price of Bitcoin at Bifinex Exchange surpassed a high of $5623 on 1st May while it traded below $5350 on Coinbase.
The altcoins out-performed BTC as a slight reduction in Bitcoin’s dominance was observed on a daily scale. The rise of Bitcoin and cryptocurrencies together also suggests that de-coupling hasn’t been achieved yet.
Bitcoin Cash [BCH] and Litecoin [LTC]
Bitcoin Cash [BCH] led the altcoin gain with a percentage increase of 12.67% on a daily scale. The price of BCH at 4: 15 hours UTC on 1st May 2019 is $270.29.
Litecoin also gained higher than Bitcoin. The price of Litecoin [LTC] at 4: 20 Hours UTC on 1st May 2019 is $73.97. It is trading about 7% higher on a daily scale.
Ether (ETH), EOS, XRP and Stellar (XLM)
The green in the market was observed across all top coins suggesting that the trader’s sentiments towards cryptocurrency are positive again. The rise in top altcoins was around 5%.
XRP tested the $0.31 mark on being listed on NASDAQ. The price of XRP at 4: 30 hours UTC on 1st May 2019 is $0.307. Stellar (XLM) also gained 4.53% on a daily scale trading at $0.101.
Ethereum (ETH) was made more popular by Elon Musk as he asked Vitalik about “what should be made on Ethereum?” in a light conversation on Twitter. The price of Ether (ETH) is currently testing the $160 support line again. EOS and Tron (TRX) also added 4.51% and 6.33% respectively.
Almost all of the other altcoins were also in green as the market revived from a tumultuous weekend. VeChain (VET), Waves, Ravencoin (RVN) and Bytecoin (BCN) were some of the other top performing coins in the top 50 cryptocurrencies by market capitalization with an increase of about 10%. The total market capitalization of cryptocurrency markets broke the $175 billion mark again.
Do you think the bull market is on the horizon or the bull trap is still in? Please share your views with us?
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com