As bitcoin continues trading sideways, what are the projects in the green?
As bitcoin continues trading sideways, what are the projects in the green?Bitcoin is continuing its downtrend. Yet, one can say it has been trading sideways since March 30th, hanging between £4.5k ($6.4k) and £5.2k ($7.4k). If it breaks down from this level, the next support levels are not so close. Therefore, take note of the charts and act with prudence, especially since there is a potential ‘fake’ reversal some traders are anticipating.
Meanwhile, some alternative cryptoassets, commonly called alts, have started to rise. These alts have depreciated more than bitcoin and ether over the past few months. This is a common indication showcasing that their market valuation was more influenced by hype than that of some of the more renowned projects. It seems that the speculation is back.
Several projects appreciated more than 100% over the past 24 hours but of those top gainers only few are perceived as legitimate. Some say that most of them are clear pump and dump schemes. To come to grips with this, look at the website of today’s top gainer. Bear in mind that it’s likely the rest of the market will depreciate if bitcoin falls below £4.2k ($6k).
There is clearly blood in the streets. Overall, investors believe this is a great time to startinvesting in the space. It seems more plausible that “the markets will bounce upwards when everyone stops celebrating every single green candle and random altcoin spike”.
Nevertheless, some legitimate projects have started to signal a bottom. One of them being Golem — an ‘Airbnb for computers’ — which ranked 5th in 24h gains within the top 100 by market cap. It launched one of the most famous ICOs back in 2016. Its first product just went live on Ethereum’s network after three years of development.
The other 84 of the top 100 projects were also in the green. It seems that these top projects’ gains were not influenced by fundamental news either — even Doge appreciated over 12%. Could the green lights be derived from a short-lived attempt at reopening registrations for new accounts at Bittrex, once the most popular alts exchange?
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