As the week almost draws to a close, it is a perfect time to tally up the gains and losses sustained by some of the top markets. An interesting comparison can be made in terms of BTC and USD gains, as the result is very different. One can only hope this positive momentum carries over to next week, although nothing has been set in stone as of yet.
All Altcoins Gain in USD Value
Despite most markets deriving value from Bitcoin’s uptrend, almost all of them have surpassed the world’s leading cryptocurrency in terms of USD-based gains. Both Binance Coin and Stellar gained over 40%, which is incredibly impressive. However, the biggest gainer is NEM, which shot up by over 65% in just seven days. Absolutely monstrous gains for an altcoin which has seen its fair share of ups and downs lately.
As far as the other established altcoins are concerned, IOTA, Tezos, Ethereum Classic, Ethereum, and XRP all gained 30% or more. A more than substantial increase for these alternative markets, which was not necessarily expected. All of these altcoins have lost tremendous value throughout 2018, but it seems some of that lost value has been recovered rather nicely. Creating high support levels will be the first order of business for all of these markets.
Noteworthy gains are also noted by Cardano, Tron, Dash, and NEO. Every single one of these markets gained at least 20%, which is still more than Bitcoin managed to achieve. Some will claim this is a clear sign the altcoin season has begun, although the opinions will remain divided on that front first and foremost. Most of these markets still struggle to note real trading volume, unfortunately.
Monero, EOS, and Bitcoin Cash also managed to gain more value percentage-wise than Bitcoin, albeit in a slightly less convincing manner. .However, Litecoin and Bitcoin SV are the only ones which did not see a massive price jump as of yet. A bit unusual, as Litecoin is underway to hit $100 and Bitcoin SV is very close to surpassing $85 again. It appears there is more upward momentum ahead for most of the different markets.
The BTC-based Gainers Look Somewhat Different
It is always interesting to see how alternative markets perform in BTC value. Of the top 20 coins, Bitcoin SV and Litecoin were the only ones to lose value, except for Tether – but that is rather normal. This would also explain why both Litecoin and Bitcoin SV have noted fewer gains this week, as it seems their ongoing BTC-based decline has eroded some of the USD improvements in the process.
Bitcoin Cash, EOS, NEO, Monero, Tron, and Cardano all noted solid BTC-based gains, but well under the 10% threshold. Of these coins, EOS performed the weakest, which is rather unusual under such bullish circumstances. There may be some movement in those markets next week, albeit that will primarily depend on what happens to Bitcoin.
Ethereum Classic, Dash, and XRP all gained 10% or more in BTC value, which seems to be in line with how their USD value has evolved throughout the week. A solid performance all around, although some traders and speculators would have hoped for much bigger improvements. Those may still materialize, for all one knows.
The biggest performers of the week are NEM, Stellar, Binance Coin, Tezos, IOTA, and Ethereum in that specific order. With BTC-based gains ranging from 20.34% to as high as 45.58%, it is evident traders and holders had plenty of opportunities to make good money over time. Now that Bitcoin is seemingly ready to resume its uptrend, these altcoin/Bitcoin ratios may undergo some very peculiar changes, either for better or worse.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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