Over the past twenty-four hours, some altcoins in the market have seen a sharp increase in value due to some speculations that some of them will be listed on top digital currency trading platforms. Some of the coins that are currently deep in the green include Zilliqa, Steem, Status, and Power Ledger. Some of these digital currencies are also seeing an increase in their values because of the development around them.
Bitcoin (BTC) and digital currency traders are trying to understand the enormous moves in the market, with many of the digital currencies seeing low daily trade volumes that a couple of large trades are able to move prices significantly.
The Crypto Industry Might be Diverging from Bitcoin (BTC)
The sudden moves in the crypto market by these relatively minor altcoins shows that the digital currency industry is shifting away from Bitcoin (BTC). According to the senior market analyst at broker eToro – Mati Greenspan – “There will always be some level of correlation in broad markets. After a long period, these particular digital currencies are still closely correlated to BTC.
He further added that: “When there are news stories that highlight developments, it can result in such sharp leaps. What is currently going on now is the effect of a flat market. The general sentiment noise is fading away so the developments of individual tokens are getting more attention.”
Many investors will be closely watching these digital currencies if they can hold on to their recent gains. However, Greenspan has told investors not to expect such kinds of massive increase often. Greenspan added that: “As soon as the wider market gets more direction, I would expect that Bitcoin (BTC) and top digital currency correlation amongst these alternative coins to snap right back.”
The Highest Gainers in the Market
Over the past twenty-four hours, the highest gainer in the crypto market is Augur. Augur is a platform used to develop and deploy decentralized applications. The platform is now seen as a major rivalry to Ethereum. Over the past day, the value of the digital currency surged by 33 percent.
The digital currency even saw gains of about 50 percent before it corrected lower. According to reports, Augur could soon find its way to top digital currency trading platforms. The platform recently launched a new P2P prediction market called Veil. The prediction market lets users bet on a lot of topics, including things such as the Oscars.
Power Ledger Gets Nominated for the Blockchain Impact Award of Newsweek
On the other hand, Power Ledger has been nominated for the first-ever Blockchain Impact Awards of Newsweek. Nevertheless, the traders and investors of Bitcoin (BTC) are settling for a long digital currency winter after warnings that the bear market could overflow into this year.
In some good news for the world’s largest digital currency, BitPay – the payment processor of Bitcoin Cash and Bitcoin (BTC) – has reported a record year. The platform processed some $1 billion in transactions.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $3,698 after an increase of about one percent over the past twenty-four hours. The world’s most dominant digital currency currently has a market cap of $62.98 billion and its trading volume over the past twenty-four hours is $2.99 billion.