Ever since last week Friday, where there were small indications that a rally could happen, the cryptocurrency market has shown some good growth, with Bitcoin, the head of the market, topping off at just under $4,000.
What has been typical of this small rally has been the effect of some of the major altcoins in pushing the cryptocurrency market. It began with the likes of Binance Coin, Stellar and Tron, and then saw Ethereum take over, but now EOS has shown a huge 25% growth spike in the last 24 hours.
It would seem that this rally has flattened out for the moment, with a lot of the coins levelling out. It is now important to see what comes next as another rally following this levelling could be massive for the medium to long term growth of the entire market.
The now-fourth biggest cryptocurrency based on market cap has advanced nearly 25 percent in the last day to reach $3.47 and is currently neck-and-neck with Litecoin, whose own value has also ballooned 11 percent since year-end 2018.
Today’s gains reflect support from the EOS community and could have something to do with Block.one, the creator of EOS, recently providing greater clarity on the roadmap.
Block.one CEO Brendan Blumer addressed some of the community concerns on social media, reminding them in a message entitled “Great Things Take Time” that there is more ahead than meets the eye.
Of course what is important to note in regards to this kind of reaction is that these altcoin projects are putting out positive news, and that is having an effect not only on the coin, but the market in general.
There is positive news being met with results which are driving the market, and this has not been seen for a long period. The bullish market tendencies being seen could be indicative of a change in the sentiment.
It is still early to call, and quite tentative, but it certainly feels like a bull run could be developing. It may be based off the altcoin news and sentiment, but Bitcoin will play a important role. The major cryptocurrency came $30 short of cracking the $4,000 mark.
If Bitcoin is able to breach that resistance, even if it is through the drive of another altcoin, it could open up a whole new level of potential gains across the market and could possibly start a new bull run.