Markets are green again, with many leading cryptocurrencies showing double-digit growth. What appears to be an EOS-led movement is putting life back into the market, and some investors are optimistic for a new ‘alt-season.’
Almost all of the top hundred cryptocurrencies are making gains. EOS has risen the most, having hopped up from $3.70 to 4.14% since 23:00 GMT last night. It has now pushed past its 200-day moving average, a bullish sign.
Another big winner is Cardano (ADA), which recently rejoined the top-ten, replacing TRON (TRX). ADA is currently trading 10% above where it was on Tuesday.
Bitcoin Cash (BCH) is also seeing strong growth, and coins are trading for $10 more than they did at this time yesterday. Stellar Lumens (XLM) is up by roughly 6%.
Other major tokens are showing more limited growth. Litecoin (LTC) is up by 4%, while Binance Coin (BNB) and Ether (ETH) have increased by 3.5% from yesterday. XRP gained slightly less, rising by only 2.7%.
Bitcoin (BTC) is up by 3% and broke past the $4,000 price boundary for the third time in a month. It was trading at $4,072 by press time, but it is not out of the woods yet. Any market correction will likely take BTC back below the boundary again.
Some investors are holding back their excitement, and wonder if this could be yet another example of price manipulation. Following the recent Bitwise report, which found that only ten crypto exchanges accurately report their trading volumes, there’s a concern that some exchanges are inflating their volume – a practice known as wash trading – to suit their own ends.
However, Mati Greenspan, senior market analyst at eToro, says that this revelation doesn’t seem to have had a major impact on prices. “[Wash trading] hasn’t actually affected the price of bitcoin itself in any meaningful way,” he wrote in his daily briefing. Read more
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