Bitcoin rivals, including apollo, augur, loopring, power ledger, status, zilliqa, and steem, have surged in the last 24 hours. The rate went up on news that some of them may be listed on the list of major cryptocurrency exchanges and wallet providers.
Bitcoin and altcoin traders struggle to understand the huge movements of the market. The beauty is that many of the digital tokens exhibit such low daily trading volumes that a few large trades can significantly change prices.
Risk traders prefer these relatively small cryptocurrencies. This sector is moving away from Bitcoin, which has fallen by almost 1% in the last 24 hours.
“In broad markets, there will always be some level of correlation. In the long term, these coins remain closely related to bitcoins, ”says Mati Greenspan, Senior Market Analyst at broker eToro.
“Nevertheless, if you have news that moves to the forefront of the development of events, then it can cause these sudden leaps. We see that this is a flat market effect - the background noise dies down, so that individual events related to tokens attract more attention. "
Many investors will
keep a close eye on whether these smaller cryptocurrencies can hold onto their
recent gains, but Greenspan has warned traders not to expect
such percentage points will rise frequently.
"Once
there will be more directions in the broader market, I expect the correlation
between bitcoins and main tokens among these altcoins will return immediately ",
Greenspan added.
Augur, a decentralized app platform that aims to compete with ethereum, is the largest cryptocurrency by market cap, surging around 33% in the last 24 hours. According to Bitcoin and altcoin website CoinMarketCap, Augur previously rose 50% before losing profit.
In addition to speculations that Augur could be listed on major cryptocurrency exchanges, the platform has also launched a new peer-to-peer forecasting market called Veil, which allows customers to place bets on a wide variety of topics, including areas such as Oscars. Augur's decentralized app platform is the largest cryptocurrency to climb higher and bitcoin is nowhere to be seen.
Meanwhile, power
ledger was nominated for Newsweek's first ever award
Blockchain Impact Awards.
Bitcoin investors and traders are nonetheless anticipating a protracted crypto winter following warnings that the bear market could well drag on until the end of 2019.
“I think we’ll likely just step aside for a while,” said Anthony Pompliano, partner at crypto investment firm Morgan Creek Digital Assets.
And he predicted the movement of the main digital currency rate in 2019:
“You know, if you look at the bitcoin price, I don't know, maybe somewhere between $ 2,500 and $ 4,500 for most of the year, probably. It's based on what we see. " Bitcoin prices traded sideways last week despite some sharp fluctuations.
As good news for the bitcoin sector, bitcoin and cash processor BitPay reported a record year. The service has conducted transactions worth about $ 1 billion.
BitPay also set a record for cryptocurrency transaction profits. The service has several major clients including Dish Networks, HackerOne, and Ohio.