Wednesday, February 28, 2024

    Altcoins surge in Asian trading session

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    Christmas may have come early in crypto land as altcoins are hitting the top of their charts once again in the Asian trading session this morning. Bitcoin has remained relatively flat since the launch of CME’s futures contracts on Sunday. Prices have only fluctuated slightly between $17k and $19k over the past few days.

    In previous months we have witnessed the big daddy of crypto literally eat its younger siblings which Bitcoin prices sky rocket and altcoins start tanking. These last couple of weeks have been quite the opposite and today a number of cryptos have broken their previous price tops.

    An hour or so ago Ethereum reached an all-time high of $840, a price which may have increased further by the time you get to the end of the article. ETH broke through resistance around the $750 level and marched higher through the psychological $800 barrier. The surge has likely been boosted by the launch of the Dai stablecoin on the Ethereum network. Similar to Tether, Dai is soft-pegged to the USD and, according to their website where;

    “anyone, anywhere has the freedom to choose a money they can place their confidence in. A money that will always maintain its purchasing power.”

    Along with Ethereum, OmiseGO has made record gains today climbing over $20 for the first time. Omise has experienced huge growth this year from a sub-dollar coin back in July to where it is today with a market capacity over $2 billion. OMG works slightly differently to other blockchains in that it has a delegated proof-of-stake which involves validating the network through running nodes that can be voted for. With real transactions already occurring and trials with big companies Omise could GO even further in 2018.

    As predicted Litecoin has broken resistance and started heading upwards this morning towards a new high of $375 according to LTC has been flat for almost a week after jumping several hundred percent in a couple of days. It has just started to move again and the next station for Charlie Lee’s crypto is at $400.

    Bitcoin Cash also had an epic morning reaching new heights of $2,353 a few hours ago. Markets have pulled back slightly but the coin still trades high at $2,200 at the time of writing. BCH is the third largest crypto currency with a market cap of $37 billion.

    Other coins doing well out of this morning’s trading session were Ripple, Cardano, Dash, Monero, NEO, and Nem, which just broke a dollar for the first time. Happy times in crypto land.

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