- The market is enjoying the greens.
As Bitcoin jumps to nearly $6,900, altcoins follow up. However, this time, the world’s leading cryptocurrency is the one that is ruling the market with over 6% gains in the past 24 hours.
After experiencing a massive sell-off that dominated all asset classes, whether equities or gold, Bitcoin with other risky and safe-haven assets are back to surging as central banks announce stimulus to combat the coronavirus impact on the economy.
However, according to Vijay Ayyar of crypto exchange Luno, Bitcoin price could spike to $6,500 before finding a range between $3000 and $6,000 until the next bull cycle breakout. He said,
“This is classic redistribution and would be very healthy for future Bitcoin price action and if we were to have bullish momentum going forward.”
Among the large-cap cryptos, Monero is recording gains of 12.48% while trading at $46.71. Other coins that emerged as the winner in the past 24 hours are Nano with about 20% gains Steem which is up about 19%, and Enjin Coin which is up over 10%.
The price of Steem is increasing despite the community having a successful hard fork and launching HIVE in an attempt to expel Tron founder and CEO Justin Sun’s Steemit. Ever since the Hive announcement, the price of STEEM has been rising, which could be users attempting to capitalize on the promise of “free airdrop” payouts.
If we take a look at the top gains of the past 7 days, Dash recorded 54% gains followed by Enjin Coin (52.52%), Bitcoin SV (48.11%), STEEM (40.47%), and Nano (39%).
The sixth-largest cryptocurrency by market cap, Bitcoin SV currently has 17.96 million addresses with a balance of the digital asset. Over 91% of the addresses are holding 9.01 million BSV for more than a year while less than a year old hodlers are holding 6.77% addresses with 5.79 million BSV. Only 1.46% of the addresses are less than a month old BSV holders.
Which Crypto Rules 2020 so far with gains?
There are a number of small-cap cryptos such as XNS (391%) DATA (139%), QQQ (174%), NMR (132%) and others that are leading the market in year-to-date gains.
However, there are a few known cryptocurrencies that are also recorded significant gains so far in 2020.
Kyber Network is leading the pack with 160% gains. The Ethereum-based on-chain liquidity protocol enables users to trade instantly between a wide range of token pairs. Crypto analysis company Glassnode in its latest report points out how for about 2 years, the growth of KNC holders was relatively stagnant, a trend that broke in mid-February this year.
Several events like increased trading volume, Coinbase listing the token, and the Katalyst upgrade given a Q2 release date all worked in KC’s price favor which is trading at $0.468.
HBAR is another big gainer which is up 146% YTD. One of the recent developments came in the form of a Coronavirus (COVID-19) tracker based on Hedera Hashgraph.
Other gainers are BSV (82%), Lisk (77%), ICX (70%), Dash (60%), DigixDAO (53%), Bitcoin Gold (39%), Steem (38%), Tezos (30%), and Link (22%).