The crypto market is finally showing signs of life after a painful first quarter.
The total value of all cryptocurrencies, also known as total market capitalization, jumped above $300 billion on Thursday and was last seen at $325 billion, the highest level since March 26, according to CoinMarketCap.
Also, the total market capitalization has jumped 31 percent in the week ended Friday.
The much-needed relief rally in the broad crypto markets could be associated with bitcoin's 21 percent weekly gain. The world's largest cryptocurrency defended the key 50-week moving average support in the first half of the week before rising to 2.5-week highs above $8,200 Friday.
Meanwhile, ethereum's native cryptocurrency, ETH, appreciated 38 percent week-on-week and is the top-performing major coin. Ripple's XRP and bitcoin cash gained 32.8 percent and 23.9 percent, respectively.
However, a look at the performance of the top 25 cryptocurrencies by market capitalization reveals that verge's XVG token has outperformed its peers. Also, EOS and Ontology's ONT token have etched out impressive gains.
Weekly performance: +58.36 percent All-time high: $0.30 Closing price on April 6: $0.058483 Current market price: $0.092619 Rank as per market capitalization: 20
Verge's XVG token takes the top spot for the second week. The 58 percent surge could be associated with growing investor interest in verge's mystery partnership announcement, scheduled for April 17. Speculation is making the rounds that an angel investor, TokenPay, might be involved in the partnership. Also, a few other names like Overstock.com, Amazon, eBay, are being thrown around across social media.
Also, XVG is the second most actively traded cryptocurrency on Binance. Anticipation of the April 17 announcement will likely keep XVG better bid over the weekend. However, profit taking (sell the fact) after the announcement could push XVG lower. Note that the sell-off could be sharp if the announcement fails to meet heightened market expectations.
The relative strength index (RSI) shows overbought conditions, so the XVG token looks ripe for a pullback. Only a close below $0.05 (50-day moving average support) would signal invalidation of the bullish case.
Weekly performance: +55.68 percent All-time high: $18.71 Closing price on April 6: $5.89 Current market price: $9.17 Rank as per market capitalization: 5
EOS picked up a bid on April 11 and jumped to $9.56 Friday on Bitfinex - its highest level since Feb. 20.
The developers recently announced an eosDAC airdrop to the EOS token holders and the lure of making free money via airdrop seems to have put a bid under the token. The airdrop is scheduled to happen on April 11. Thus, the token will likely remain in demand over the weekend.
However, EOS looks overbought, according to the technical chart below.
The relative strength index (RSI) has moved above 70.00, signaling overbought conditions. So, the resistance at $9.525 (38.2 percent Fibonacci retracement) could prove a tough nut to crack.
That said, the 5-day moving average and the 10-day MA are biased bullish (rising). So, the pullback could be short-lived. Only a close below $7.28 (March 21 high) would invalidate the bullish view.
Weekly performance: +52.94 percent All-time high: $4.77 Closing price on April 6: $3.06 Current market price: $4.68 Rank as per market capitalization: 22
Ontology is a new, high-performance public blockchain project and a distributed trust collaboration platform that includes a series of complete distributed ledgers and smart contract systems, according to the official website. The developers have released the first version of the roadmaps and the first projects are live on GitHub.
Ontology's ONT token has made it to the list of top 25 cryptocurrencies by market capitalization in just four weeks from inception. The token began trading at $1.36 on March 15, meaning it has rallied a staggering 250 percent in four weeks, according to CoinMarketCap.
Flowers image via Shutterstock.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff