Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash Quarterly Performance Report
As the first quarter of 2019 comes to an end, let us look at the YTD performance review of the top cryptocurrencies. Bitcoin has crossed the $5,000 mark and with it so are most of the altcoins are surging.
Bitcoin soared to its highest in almost five months earlier this week, pulling smaller cryptocurrencies up with it, after a major order by an anonymous buyer set off a frenzy of computer-driven trading. It soared as much as 20 percent in Asian trading, breaking $5,000 for the first time since mid-November. This gain was probably triggered by an order worth about $100 million spread across U.S.-based exchanges Coinbase and Kraken and Luxembourg’s Bitstamp.
In other words, bitcoin is higher simply because people are buying bitcoin. It's a classic case of momentum investing on steroids and there might not be any real fundamental rhyme or reason to justify the spike.
A common byproduct of a rallying bitcoin is diminished returns of the BTC denominated trading pairs of most other cryptocurrencies, as opportunistic investors tend to shift funds into the market leader when it picks up a bid.
Bitcoin has always been a favorite plaything for traders looking to cash in on sudden moves. This recent rally may be nothing more than that.
Ethereum price found support near the $154 area against the US Dollar. The ETH/USD pair rebounded and slowly climbed above the $164 and $165 resistance levels. Later, there was a close above the $168 level and the 100 hourly simple moving average. Ethereum price clearly broke to the upside above the $175 and $180 resistance levels. Both the stated levels are likely to act as supports if the price corrects lower from $188. It currently holds a market cap of $17.8 Billion.
Amongst the top cryptocurrencies, XRP has shown the least improvement this year is up less than a percent. It might be because of the fact that when other cryptos were having a bearish run at the end of 2018, XRP remained relatively bullish. Now, XRP trades at $0.36.
One would imagine that with an almost 100% gain since the beginning of the year, BCH would be the coin with the biggest gain in the top 5. However, this is not the case. More on that later. It started the year trading at around $150 and it currently trades at $314. It currently has a market cap of $5,574,650,421.
Litecoin (LTC) has also aggressively extended its impressive Q1 gains into the second quarter of the year. The cryptocurrency’s trade price is now up 43 percent month-to-date, albeit the figure was above 54 percent yesterday, after rising 31 percent in USD value and coming just shy of a $100 price tag on most exchanges.
It had reached a high of almost $99 and that happened on April 3. LTC has appreciated by about 230%. LTC has retreated by now, and it lost some of those gains its rate is still up more than 200% year to date, and the coin outperformed the top ten list rival this year so far.