Finally, the time of altcoins has started, as the leading crypto is stagnating near the $8,000 mark.
The prices of the top 10 altoins have increased by more than 5%, and only Ripple has raised by 4.2%. The biggest gainers are Stellar Lumens and Ethereum, whose rates have rocketed by 21% and 15% respectively. There could be a few reasons for such high activity.
An essential one concerns the Binance exchange that has resumed trading and the ability to deposit funds. Amid the news, the Binance Coin (BNB) rate has started to rise sharply.
What’s more, the leading US cryptocurrency platform Coinbase has launched trading in 50 more countries. USD Coin (USDC) operations are now available in 85 jurisdictions. At the same time, the number of states where Coinbase operates has reached 103.
On the other hand, the popular online trading platform eBay has denied rumors about the introduction of digital currency support. Fortunately, that does not affect the market.
Bitcoin has finally entered the ’’relaxing’’ stage; its rate has frozen at the $8,000 level over the previous two days. However, the investors’ interest keeps increasing, according to the Grayscale Bitcoin Trust (GBTC). It is a fund worth $1.4 Bln that invests exclusively in Bitcoin and is perhaps the best indicator of institutional interest in BTC.
During the first quarter of 2019, new investments continued to flow into Grayscale Bitcoin Trust.
In terms of the technical analysis, our earlier forecast came true, and the main crypto could achieve the $8,300 mark.
The formation of a bullish rectangle is now observed, with a yield above $8,400. But before that level is reached, BTC should touch $7,900 once again. A move up is also backed by the RSI indicator, which is in the neutral zone.
Against this, the bitcoin dominance index is falling and constitutes 56.1%.
The price of BTC is trading at $7,988 at the time of writing.
Ethereum is not going to follow BTC’s example and continues giving profit to its investors. At the moment, the asset is trading 14% more than yesterday. Surprisingly, no vital news background has been announced.
Regarding the technical analysis, our yesterday ETH forecast almost came true - only $2 needed for the rate to reach $275.
Quotes have struck the upper limit of the Bollinger Bands on the 12-hour chart, and Ethereum is trading above the upper boundary of the rising channel. In the near future, we can expect an attempt of correction with the test of the broken channel boundary, and then - a continuation of growth with the goal at $285.
The price of ETH is trading at $262.41 at the time of writing.
No one thought that Stellar Lumens would rise by more than 20% over the night - however, it happened. One of the possible reason for such a jump is that XLM holders can get an additional reward if they keep their coins on the Poloniex exchange.
On the 1-hour chart, XLM has shown an abnormal growth, which is confirmed by the RSI indicator, that is overbought now. Moreover, there is a formation of a Triangle pattern, according to which the rate may be corrected to $0.14 in the short-term scenario.
The price of XLM is trading at $0.1540 at the time of writing.