BTC today recorded its 7th Day of Stability as the leading cryptocurrency continues to trade in the small range of $3960-$3871. The range has become narrower since the beginning of the week, which indicate a strong move ahead. Nevertheless, the stability of BTC has attributed to the gains of the altcoins, because FUD around Bitcoin bottoming was tied to Altcoin as well.
The Altcoins Seems to start gaining momentum with their adoption news, road-map announcements, regulatory improvements, and developmental updates.
Major Altcoin Movements of the Day
The altcoin market has been in green on the daily, though, the gains have been marginal in most of the coins – in the range of 2-4%. The total market capitalization of the altcoin coins (excluding Bitcoin) has increased by almost $2 billion gaining 3% on the daily.
The trading analysis of Litecoin had suggested bullish momentum a couple of days back. However, it too has continued to trade in a small range around 55$. Moreover, the trading range of LTC is similar to that of BTC after gaining 15% on 6 March from $47.03 to $54.13. Ethereum too has continued to trade in the $131-134 range of 1% for the past couple of days.
Stellar Lumens (XLM) And Dash (DASH) On the Right Path
XLM held on to its gains over the weekend post-Börsenmedien AG announcement of purchasing a stake in SatoshiPay. Stellar Lumens’ (XLM) total market capitalization is close to the market cap of 8th and 7th ranked Binance (BNB) coin and USD Tether.
Dash Gained 11% on Wednesday with it’s increased dedication to achieve complete decentralization and autonomy. Dash had released a Trust Protector Software, and the sentiment towards it has also increased considerably after DashText introduction. DashText is set to change the remittance avenues in Latin America through its revolutionary yet straightforward platform.
Zcash, DigiByte (DGB) and Komodo (KMD) Grow on Market Sentiments
Zcash also gained 7% on the daily, taking a cue from the bullish sentiments of the market. Digibyte (DGB) is also performing well; it increased by 12% on DGB/BTC from 330 Satoshi (sats) to 371 sats on 12 March ’19. Another notable mention is of Komodo; the privacy-focused cryptocurrency has gained 28% on the daily since Tuesday,
Market Shakers Enjin (ENJ) and Groestlcoin (GRS) Takes It a Notch Down
Furthermore, Enjin (ENJ) Coin’s rise after association with Samsung had cooled down on 12th March; correction in the price was almost 17% on 12 March ’19 from 0.00005089 levels to 0.00004230. However, with consistent volume and positive market sentiments, it has recovered from the correction, trading up by 7.5% on the daily.
Groestlcoin (GRS) which was one of the highest gainers over the weekend after its announcement of ‘crypto-payment cards’ backed by MasterCard corrected heavily on Wednesday morning losing 42% from its 7-month high price of $0.749.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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