The price of bitcoin has increased by about $ 400 in the last 24 hours to $ 9,200. They successfully sustained the speed of the $ 9,000 zone they saw as an important level that could lead investors to enter $ 10,000 in the short term.
Play Alternative Cryptocurrencies Show
Alternative crypto-currencies, also known as subcodes, a term commonly used to describe crypto-denominators other than the main currencies such as Bitcoin and Ethereum, performed better than bitcoin and other large crypto-currencies in the last few weeks.
Today, on April 24th, some of the best performing sub-codes include ICON (ICX), Ethos (BQX), EOS and Kyber Network (KNC). All ERC20 tokens earned more than 10 percent against BitCoine.
ICON’s daily trading volume has reached 15,500 BTC. About 50 percent of this figure comes from Binance, the world’s largest cryptographic currency, and the other 50 percent from South Korean crypto-currency trading platforms, Bithumb and Upbit.
Against the US dollar, ICON increased by 16 percent to $ 1.5 billion in market value and $ 145 million in daily trading volume. Traders are attributing the ICX price increase over the past two weeks to its main platform, which will start on April 30th.
Despite an increase of 16 percent against the US dollar today, technical indicators show a good buying signal for ICX, both exponential and simple moving averages show a short-term trend for ICX. However, with the 72 and Williams’s Relative Strength Index (RSI) at -9 in the Thursday Intervals, the ICX may now suffer a slight decline after overbought and the current strong rally.
Tokens generally perform strongly during April, and while the market continues to recover with BitCoin’s leadership, it is likely that Eterm-based ERC20 tokens, which show significant corrections from January to March, will make big gains in the short term.
Lead of Bitcoin
Investors have started to set a trend in the market in the last two weeks; When bitcoin prices rise, subcotts and tokens tend to rise with larger margins, and as bitcoin prices fall, subcounts fall in greater proportions.
Although the market has added nearly $ 200 billion since the beginning of April, the crypto-money market is still undergoing a medium-term recovery process, and due to the volatility and uncertainty, dominant cryptographic currencies such as BitCoin and Ethereum are leading the market.
Nonetheless, subcoins and coins usually follow the bitcoin price trend, and rising growth in bitcoin prices will lead to big gains for subcoin investors.
Pantera Capital CEO Dan Morehead stated that BitCoin has surpassed a significant level earlier this month and that the value of the dominant cryptographic currency may increase during April and May.
“Bitcoin is growing 165 percent annually for six years when we do business. And something that grows so fast falls well below the 200-day moving average. It’s a good time to buy when you do. The first time we started the fund was five years ago and we passed it in April before, “says Morehead.