US Dollar Plunges 23% against Bitcoin (BTC/USD Exchange Rate) While BCH, LTC & ADA Explode
During the last over 24-hours, USD has fallen 23 percent against the leading cryptocurrency as it again gets ready to break above the $5k mark. Meanwhile, Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), Ethereum (ETH), and EOS are posting the highest gains among the top cryptos.
First Consecutive Positive Monthly Returns For BTC Since Nov-Dec ’17
After BTC starting seeing the greens in the second week of February, Bitcoin rose in March as well. This has been the first time since November- December 2017 that Bitcoin registered two consecutive months of greens as shared by Rptr45.
He further shared that BTC is also “trading ~11.0% above the theoretical “cost basis” which is the first time it’s been at a premium since going negative in November.
“Coupled with the move in the higher beta assets over the past few weeks, IEO’s, etc..it does feel like crypto is in risk-on mode once again and it’s now easier to buy the dips….as Joe Mccann has pointed out this is still “The Most Hated Rally.”
At the time of writing, the flagship cryptocurrency has been trading at $4,961 with 24-hours gains of nearly 6 percent.
BTC’s Beginning Phase Of The Third Cycle As A Mature Asset
The volatility has finally entered the market as in tandem with the Bitcoin’s move, altcoins also surged. However, as the market analyst, David Puell says, “If velocity finally goes to the green zone, the consequent rip will make yesterday's move look minor in comparison.”
Moreover, the clear divergence between BTC velocity (which is transaction volume divided by circulating supply) and price shows,
“leads on the primary trend.”
After bottoming out in September, he says it is currently trending up.
“Still too little history to make definite conclusions, but Bitcoin velocity seems to be in the beginning phase of its third cycle as a mature asset with consistent internal economics. The fact that more economists aren't interested in this stuff is flabbergasting to me.”
Altcoins Having A Green Party
Yesterday, Bitcoin has been the leader among the top cryptos in terms of percentage gain, however, today a few cryptos have jumped ahead and are now posting significant gains.
Bitcoin Cash is leading with nearly 40 percent gains followed by Bitcoin SV that is up by 22 percent greens. While Litecoin is up by more than 21 percent gains, Cardano is rising by nearly 14 percent and Ethereum is green by about 10 percent.
Today’s highest gainer BCH is followed by Augur which is up 35 percent and Dogecoin which is in the green by 28 percent.
The biggest loser with 19 percent losses is Maximine Coin followed by Ravencoin which is down 8 percent while Maker is in the red by nearly 3 percent.
Yesterday, with all these gains, the total market cap added $16 billion at $163 billion, now another $9 billion has been added as it surges to $172 billion.