Litecoin Price Helps Keep the Rally Going While the Rest of the Market Cools Off

  • Jack Thomas
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    While Bitcoin has cooled and Bitcoin Cash is tearing off, Litecoin is steadily growing to keep the crypto market rally going

Litecoin Price Helps Keep the Rally Going While the Rest of the Market Cools Off
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There has been a lot of excitement in the cryptocurrency market this week as the price of Bitcoin managed to top $5,000 before falling back slightly. However, the bullish sentiment has pushed on as the major cryptocurrency is now sitting comfortably above that price marker.

As is often the case with the cryptocurrency market, the movement of Bitcoin plays a significant role in the movement of other coins, but this recent rally has been catalysed by what many are calling altcoin season.

The altcoin season began with Litecoin impressing through Q1 with 100 percent gains, and now, while the market takes a breather, the silver to Bitcoin’s gold is still helping the rally push forward with gains of near 10 percent today.

Other coins, notably Bitcoin Cash, are still tearing away with big gains of closer to 20 percent while the market cools off, but that cryptocurrency seems to be on its own mission while Litecoin looks to be propping up the rest of the coins.

Litecoin’s influence

It must be remembered that through the first three months of 2019 Litecoin has been one of the better performing assets, doubling its value in the opening three months – and this was before the most recent rally.

Litecoin’s good performance certainly had an effect on calling up the cryptocurrency spring, and it has proven to be a solid and dependable project for investors to back and follow. Now, during this rally, it has gained more than an additional 50% in its move to over $90.

Today’s market is showing a few red numbers in the top 20 coins with Bitcoin still up about two percent, but the second and third cryptos – ETH and XRP – are both down about 1.5%. Litecoin’s 10 percent gain seems to be helping keep the market in a good place as it corrects after what is seemingly its third spike of the rally.

Bitcoin Cash is still the best performer of the top 20 coins with its 20 percent gains, but, at number 22 in market cap standing, Dogecoin has grown nearly 23 percent.

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Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?

Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?
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On a day where the markets are predominantly in the red, but only slightly, it is interesting to note that Binance Coin is surging. The exchange token is up fiver percent, but it is totally understandable as to why there is so much positivity around the company.

The biggests news, which comes off the back of its decentralized platform, Binance DEX, is that the Binance Chain mainnet has been launched and that they will be executing their Mainnet Swap on April 23rd.

This means that Binance Coin will be shifting away from Ethereum, leaving questions open as to what this means for Ethereum, which has been under the pump to stay relevant in today’s crypto and blockchain space. This move will result in a migration of $3 billion worth of BNB being moved away from the Ethereum blockchain and onto the new Binance chain.

A positive investment

All the good news emanating out of Binance has not only helped the coin to climb in price when the rest of the market settles down – it is helping it head towards a new all time high. Binance, like many altcoins, reached its ATH in January of 2018 in that parabolic stage.

Binance Coin hit $24 back then, and now, it is at $21 and rising with the thoughts being that when the mainnet move takes place, there could well be an even bigger surge. It is also interesting to note that just a few months ago, at the end of last year, it hit lows of $4.50.

Competing with Ethereum?

The mainnet move is obviously good news for Binance, as the markets are suggesting, but is it equally bad news for Ethereum, which was the holder of $3 billion thanks to the exchange. Many people have speculated that this new blockchain platform will pose competition to Ethereum, but ultimately it will help diversify Binance Coin’s use cases while also increasing its utility.

So perhaps rather than being a direct competition to ETH, it is only going to strengthen Binance Coin and in doing so perhaps spell out the future of cryptocurrencies as there is good reason to believe that this token, with its added utility and use cases, will be a viable token for the world going forward.

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