As Bitcoin makes a retreat from $10,000, down 2.20% and trading around $9,700 while managing the daily trading volume of $1.7 billion, altcoins have finally started rising.
According to trader Credible Crypto, a lot of altcoins are setting up diamond bottoms that “can’t be ignored.” He said,
“For a while now, the bottom is in on most alts in USD. You should be picking and choosing your favorites for long term holds at this time imo….”
Tezos is back into greens, up 4.31% at $2.92 with over 79% of its circulating supply currently locked for baking. However, the volume indicator is showing a lack of momentum.
The winner of this week, however, is 0x (ZRX).
The ERC20 token of the crypto trading platform which operates on the Ethereum network jumped 104% this week. This uptick price also has it moving up from 48th rank yesterday to 35th position today.
The jump in price came the day its daily active addresses registered an increase of 86%. This uptrend in unique addresses transacting has been since mid-April. Per Santiment,
“DAA Divergence vs. Price Model indicates a 4th straight day of improving bullish divergence. The higher the green bar, the more divergent DAA is from market value.”
NEO is yet another star of the week with its price up about 11% at $11.24. In the past week, it has been up over 21% while recording 44% gains in the past month. NEO’s rally came amidst the growing volume as well.
This 20th largest cryptocurrency is seeing a lot of development activity, which rises significantly as 2020 progresses. Santiment wrote,
“Altcoins with staying power often take opportunities in uncertain markets to innovate & improve, and seeing it up 15.1% & decoupling over the past 24 hrs. is no surprise.”
Basic Attention Token this week saw a spike of about 29% and is currently trading at $0.225. This price move was foreshadowed by the project’s development activity since Black Thursday.
This week, Brave co-founder Brendan Eich revealed in an interview with Binance CEO Changpeng Zhao that less than 20% of Brave users participate in the BAT reward system but they are planning to make it more attractive to use. He said,
“We have a pool, or user growth that allows us to give users tokens, even before they’ve seen an ad.”
On May 1st, crypto exchange Gemini also announced support for the token.
In the short-term, there has also been an increase in daily addictive addresses.
With more than 9% gains, Chainlink is yet again one of the top performers.
After partnership with Cypherium in April, this month Acala Network is using the network for reliable price feeds for DeFi applications running on Polkadot.
— MYKEY Lab (@mykey_lab) May 6, 2020
In addition to these top performers, DigiByte is also currently up 10%. This altcoin has been enjoying a rally this entire week which its co-founder said isn’t surprising because it’s undervalued.
Augur (REP) is another one with a major isolated price spike whose daily active addresses also recorded a jump.
A lot of altcoins have started popping up as the Bitcoin price takes a step back just before the halving next week.
As for the altcoin pump, it will come once bitcoin has calmed down from the halving hype. This could, however, take time as trader Crypto Michel says “probably summer will be fun for altcoins. Last quarter retrace. Next party Q1 2021.”
Just as happened during the last bull run, once bitcoin peaked in December 2017, altcoins rallied to their all-time highs in January 2018.
As such, “once halving hype is over, the money should start to flood towards the altcoins,” but of course, “they can start catching up, where the king already left the station.”