Several alt-coins are exhibiting impressive double-digit gains in the last 24 hours.
They include Bitcoin SV (BSV), IOST, Bitcoin Cash (BCH), and Nexo (NEXO).
Bitcoin has once again proved its resilience by briefly touching $6,900 after starting the week around $4,400.
Ethereum briefly traded at $152 after starting off the week at $100.
Briefly checking Coinmarketcap, one can see that the top 3 cryptocurrencies are in the green with impressive gains. Bitcoin (BTC), Ethereum (ETH) and XRP have experienced 24-hour gains of 14%, 13.76% and 9% respectively. However, the alt-coins of Bitcoin SV (BSV), Bitcoin Cash (BCH), IOST and Nexo (NEXO) have stolen the show with 24-hour gains of 31.99%, 23.17%, 22.17%, and 21% respectively.
Alt-coins with the highest gains in 24 hours. Source, Coinmarketcap.com
Why All Cryptos are In the Green
Early yesterday, Ethereum World News correctly analyzed the possibility of Bitcoin (BTC) zooming past the $5,500 support zone and providing much needed bullish excitement in the crypto markets. The past 2 weeks of trading have been the proverbial nightmare as both the stock and crypto markets were adversely affected by the global economic effects of the Coronavirus
However, governments around the world have tabled various measures to ease the economic damage through stimulus packages to businesses as well as individuals. This positive news coupled with mainland China reporting no new cases of the Coronavirus have brought back much-needed confidence to both the stock and crypto markets. The DOW and S&P 500 are also experiencing 24-hour gains of 1.3% and 1.2% at the time of writing this.
The Next Few Weeks Will Be Crucial
However, both the markets and the global health situation is not out of the woods yet. Coronavirus cases have continued to increase in North America, Europe, Africa, and the Asia-Pacific region. Given that it took China close to 3 months for their daily infection rate to go to zero, it might be another nervous 1 – 3 months of trading and taking personal precautions against the virus.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.