Bitcoin and the rest have kicked off Q2 with a bang. They’ve at one time increased the market capitalization by almost $40 billion since April.
According to CoinDesk price data, bitcoin was the leader of the market-wide surge on April 2nd, surging more than 20 percent in an hour. This move had since extended to a 136-day high of $5,304 yesterday.
One common side effect of a rallying Bitcoin is a decrease in the returns on the BTC-denominated trading pairs for most other cryptocurrencies. This happens because opportunistic traders tend to shift funds into market leaders when they pick up a bid. More about Hypixel Skyblock Coins For Sale
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This was evident Tuesday, when nearly all the top 50 cryptocurrency ranked in market capital posted impressive 24-hour gains of US-dollar hypixel skyblock coins value. However, Messari data revealed that only Nano (NANO), was reporting BTC denominated gains.
Investors were reportedly reinvesting their funds into other cryptocurrencies, such as bitcoin, on Wednesday. This boosted both USD and BTC’s values substantially.
The top-performing cryptocurrencies as of yesterday’s trading session according to Messari data are highlighted above
As you can see, bitcoin is still the largest cryptocurrency in terms of market capital. However, other cryptocurrencies are outperforming it. This is because smaller cryptocurrencies have lower market caps and are less traded.
Bitcoin Cash (BCH), which is a fork from the bitcoin blockchain, has been the best performer this month. It showed a 94 percent price increase against the USD at one point. This was roughly 50 percent more than the skyblock money making method price on Wednesday, when its BTC pair surged almost 40 percent.
Litecoin’s (LTC), also has aggressively extended its Q1 gains into the second half of the year. Although the trade price of cryptocurrency is up 43 percent month to date, it was higher than 54 percent yesterday after rising 31 percent USD and reaching just shy $100 on most exchanges.
Aion (AION) was the “worst performer” in this group. Its price on Wednesday reflected a significant USD denominated rise of 25% and a noteworthy 16 percent jump of BTC value.
Technical catalysts are the main reasons behind the market surge. Day traders have a paradise. However, it is uncertain if such volatility will return for the long-term.
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