Although most people are focusing on the current Bitcoin price momentum right now, most of the top 10 altcoins are doing quite well too. In fact, they are all in the green for the first time in as long as anyone can remember. Although not all currencies note similar gains, it is evident things continue to look pretty good for cryptocurrency as a whole. The $170bn market cap for all tracked cryptocurrencies combined shows how things have come a very long way. It will be interesting to see which currencies can piggyback on Bitcoin’s success, though.
The Game of Altcoins Continues Unabated
While most people look negatively upon alternative cryptocurrencies, they should not be ignored by any means. In fact, every single cryptocurrency in the top 10 has noted a lot of gains in these past 24 hours. For some altcoins, things are going a lot better than others, but the general momentum is pretty positive for all currencies. Both Ethereum and Dash are the ones with the smallest gains right now, which will confuse a lot of people, to say the least.
At the same time, those are the two cryptocurrencies which noted the vast majority of value gains other than Bitcoin throughout 2017. Ethereum saw a near 2,000% value increase and Dash has been on a similar ride. It is to be expected those bullish trends will not repeat itself all that soon, although some holders would like to see a different outcome. Then again, one can’t have the proverbial cake and eat it at the same time, for obvious reasons. That beings aid, both currencies still note gains of around 1.77% and 1.9%, respectively, which is more than acceptable.
Bitcoin is, surprisingly enough, the one currency third from the bottom in terms of gains ranked by percentage. They are surpassed by Bitcoin Cash, Litecoin, Ripple, and IOTA in that particular order. Considering how Bitcoin already has a much higher value than all of those other currencies combined, it is not entirely surprising to note how its gains are – percentage-wise – smaller compared to most other altcoins. A 2% Bitcoin gain still means a $90 price increase, whereas a 2% IOTA increases mains a gain of $0.017.
What is rather remarkable is how NEO is starting to make a comeback after nearly a week of severe volatility. For a currency that once had a value of around $50, things have certainly started to fall apart a bit. Right now, one NEO is valued at just $34.17, which is still a decent value considering how this altcoin still has a lot to prove to investors and the public. Claiming it can become the Ethereum of China and effectively doing so are two very different things, to say the least.
Monero is also making a strong comeback after losing a fair bit of value over the previous three days. Then again, XMR hit an all-time high not too long ago and a market correction was bound to happen sooner or later. That correction turned out to be quite steep in the end, although the value never dropped below $125 in the end. Right now, XMR is slowly making its way back up to around $140. It is possible a new all-time high can be reached in the near future, although it is still early to tell what the future may hold.
The biggest gains so far are noted by NEM, of all currencies. With a 12.75% gain over the past 24 hours, NEM is certainly trying to reach that $3bn market cap in the coming days. Right now, its cap sits at $2.945bn, thus it shouldn’t be that hard to reach by any means. Then again, cryptocurrency markets are notoriously volatile, which means they can go up and down pretty quickly in rapid succession without prior warning. If the Bitcoin price breaches $4,750 at some point today, we may see most altcoins go deep red in a matter of minutes.