After suffering losses throughout the first quarter of 2018, bitcoin has made a comeback of sorts. Bitcoin’s value rose to $9200 over the past 24 hours. The value increased by around $400. Much to the relief of cryptocurrency fans, it managed to hold its momentum in the $9000 region. According to investors, this trend will cause bitcoin to enter the $10,000 mark shortly.
Other coins take the lead
Although Bitcoin has gained in value, it is other cryptocurrencies or alternative currencies or altcoins that have continuously outperformed bitcoin and other large cryptocurrencies like ethereum in the market. ICON(ICX), Ethos(BQX), EOS and Kyber Network (KNC) are some of the best performing altcoins on the 24th of April. These are ERC20 tokens that have recorded more than 10 percent gains against bitcoin.
ICOn became one of the best-traded cryptocurrencies with its daily trading volume reaching 15,500 BTC. Not surprisingly, about 50% of these trades have come from Binance, the world’s largest cryptocurrency exchange while the rest have come from the South Korean cryptocurrency trading platforms of Bithumb and Upbit.
ICON showed an increase of 16 percent against the US dollar and its market valuation touched $1.5 billion. The daily trading volume amounted to $145 million. Traders are speculating that the upcoming launch of ICON’s platform has contributed to the increase in its price.
Technical indicators show a decent buy signal for ICX as both the exponential and simple moving averages showing a positive short-term trend for ICX.
The cryptocurrency market
In spite of gaining in value by $200 billion, the cryptocurrency market has still not recovered fully. Dominant cryptocurrencies like bitcoin and Ethereum lead the market in terms of extreme volatility and uncertainty.
It is believed that altcoins and tokens follow the price trend of bitcoin and a bullish development in the bitcoin price will likely result in significant gains for altcoin investors.
The CEO of Pantera Capital, Dan Morehead, said,
“Bitcoin has been growing at 165 percent a year for the six years that we have been in business. And something that is growing that fast hardly ever gets down below its 200-day moving average. When it does it is a very good time to buy. It did five years ago when we launched our first fund and it just crossed that earlier in April.”