The recent price rally in the crypto space has got everyone by surprise since most of the analysts predicted the impending bull run to take charge in the latter half of the year. The market has been trying to break into green since the beginning of the year, but could not solidify on any of the gains.
However, the recent surge not only helped various crypto tokens to make double-digit gains but also break upper key resistance levels. The recent surge saw most of the crypto tokens to solidify on their gains and reach their highest valuation in months. These chain of events have brought the total market capitalization of the crypto space at $185 Billion, a 5-month high.
Over the past 24 hours, the two main cryptocurrencies Bitcoin and Ethereum have added a significant amount to their respective market cap. Bitcoin has added over $3 billion while Ethereum has seen a surge of $1.7 billion. Apart from these two main crypto tokens in the top 10 list, Ripple has also managed some significant gains adding $200 million to its overall market cap.
The Changing Market Sentiments
Bitcoin is the king of crypto, not just in terms of its dominance in daily trading volumes, but also a crusader of driving the market sentiments. It is a well-known fact that the market swing is heavily dependent upon the Bitcoin trends. If Bitcoin is moving up, the rest of the altcoins follow and vice versa.
Similarly, Bitcoin generally comes out as the biggest gainer or looser when we talk about market sentiments and this has been the trend during the massive bull run in 2017 as well as the longest crypto winter in 2018. However, the recent upward price rally has seen some changing trends in the decentralized space. Bitcoin did make significant gains but it was not the leader, Actually, BCH and LTC were more dominant, where LTC saw its prices double up than what it was at the start of 2019.
BCH prices not only broke the key resistance of $180 but rose more than 50% on a day and currently rallying in the $320 price bracket. More importantly, there’s been a greater flow toward the altcoin markets over the last week beginning April 1 with Tron’s (TRX) total value rising more than $350 million while Stellar (XLM) and Verge (XVG) rose by $400 million and $50 million, respectively.