Crypto markets flipped green in unison on Saturday, as the large-cap altcoins and tokens joined bitcoin en route to a meteoric rally. After months of fear, uncertainty and doubt, traders and casual observers are now scrambling to enter the market over a fear of missing out.
Crypto Euphoria Sets In
With the exception of a few stablecoins and lesser-known small-caps, almost all of the top-100 cryptocurrencies were reporting gains at the time of writing late Saturday. Certainly, within the top 25, no asset was in the red.
The combined value of all coins in circulation has increased by a whopping $28 billion over the past 24 hours. The market peaked just above $222.4 billion, which is the highest since August, according to CoinMarketCap, At this rate, the total market cap is poised to double in value since the start of the year and could do so in relatively short order.
Bitcoin’s (BTC) meteoric surge continued late into the night; the cryptocurrency was last seen trading just below $7,200 for a gain of 12.5%. For a full analysis, read: Bitcoin Launches Through the Stratosphere Following Overnight Rally.
Altcoins, Tokens Join the Rally
Although bitcoin’s dominance rate has swelled to the highest level since December 2017, the largest and most influential altcoins have finally joined the latest rally.
Bitcoin cash (BCH) was the strongest performer among the top-15 cryptocurrencies, gaining 23% to $354.90. That’s a new high for the year.
Cardano (ADA) also surged, climbing 18.6% to $0.0749. As Hacked reported Thursday, Cardano offered investors a significant discount following a month-long skid, which may have been caused by a delayed development roadmap.
Double-digit gains were also reported by Ethereum (ETH), which rose 11.8% to $194.44. The so-called developer’s cryptocurrency appears poised to break through $200 for the first time this year.
Litecoin (LTC), one of the market’s primary catalysts through the first quarter, gained 14.2% on Saturday to reach $88.48. Despite the rally, LTC is still trading below its 2019 peak.
EOS climbed 13.7% to reach $5.51. Last month, the Enterprise Operating System peaked near $6.00.
Meanwhile, Stellar (XLM) notched gains of 12.3% to reach $0.1037. Since peaking in early April, XLM had struggled to reclaim and hold the 10-cent mark prior to the latest breakout.
At the time of writing, the crypto rally is showing no signs of exhaustion. But as we’ve warned before, overbought resistance is likely to become a factor at some point in the future. Given the massive shift in investor sentiment, any correction will likely be absorbed by those suffering from FOMO.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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