The cryptocurrency market has recorded strong gains merienda again overheen the past 24 hours, spil the valuation of the market broke the $440 billion, moving one step closer to the $0.Five trillion region. Bitcoin, Ethereum, Cardano, Bitcoin Contant, and other major cryptocurrencies demonstrated large short-term gains.
Ethereum Leads Market
The price of Ether, the native cryptocurrency of the Ethereum blockchain network, has surged 7 procent on May Three, experiencing several buy spikes overheen the last 12 hours. The strong spectacle of Ether led to big gains, spil WanChain, Golem, and Ontology demonstrated daily gains ter the range of Ten procent to 50 procent.
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Triggered by the listing of Bithumb, the fattest cryptocurrency exchange te the South Korean market, the price of Golem (GNT) enlargened by more than 50 procent against the US dollar and 47 procent against bitcoin, which recorded an increase of Trio procent of its own.
Instantaneously after the listing of Golem by Binance, the world’s largest cryptocurrency-only trading toneel, the price of GNT plunged by more than 20 procent, spil traders bought the rumor and sold the news. A similar trend with the latest Bithumb listing is expected and GNT will likely practice a correction ter the short-term.
Often, the price trend and momentum of Ethereum represent the status of the token market, spil tokens like WanChain and Golem are based on the Ethereum network’s ERC20 token standard. A strong spectacle by Ethereum usually translates to strong gains of tokens and on May Three, tokens have followed the trend of Ether and recorded large gains against both bitcoin and the US dollar.
Solely based on the trend of the token and alternative cryptocurrency (altcoin) market overheen the past two weeks, it can be said that the altcoin season is back. Tokens have demonstrated 20 to 50 procent gains against bitcoin and other major cryptocurrencies such spil Ethereum and Ripple, and the majority of tokens are still displaying strong momentum.
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Citron Research, a team of analysts behind the well-known brief seller Citron, said that they expect the price of Ether to fall before bitcoin, and will be shorting the price of Ether ter the short-term. However, it seems unlikely that the price of Ether falls by big margins ter the next few weeks, spil Ethereum has performed relatively poor against bitcoin and other major cryptocurrenies since early April and it is difficult to see the value of Ether proceed to decline against major cryptocurrencies and tokens.
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Andrew Left, a researcher at Citron, said:
“I’d rather brief ether. I think both [bitcoin and Ether] are bubbles. If I were going to be wrong about one of thesis, it would be bitcoin.”
Both the Relative Strength Index (RSI) and Williams’ Procent Range (WPR) of bitcoin indicate that bitcoin is presently is ter a ecuánime zone and is demonstrating neither overbought or oversold conditions. The exponential moving media of bitcoin also display a strong short-term trend, placing bitcoin te an ideal position to secure its current position te the $9,300 region and potentially increase te value ter the next 24 hours.
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