Currently, the overall trend in the crypto market is incredibly bullish, however, there is a genuine fear that this may be another massive bull trap. What can you expect? Take a look at the following 5 best performing cryptocurrencies.
February 11, 2019 | AtoZ Markets - Without a doubt, we have seen quite a number of cryptocurencies in the past few days defying the leadership of the flagship crypto coin Bitcoin (BTC).
Among these coins, two of them, Tron (TRX) and Binance Coin (BNB) have leaped ahead of Bitcoin while it continues to trade in a tight range. This, of course, is an indication that traders are no longer willing to wait for Bitcoin Bull run to redeem the crypto market from the strong arms of the Bears.
Over the past two weeks, Bitcoin has been trading in a tight range with many predicting that BTC will eventually break down, as it did back in mid-November of 2018.
However, the Commissioner of the US Securities and Exchange Commission (SEC), Robert J. Jackson Jr. has made positive statements in regards to the applications for Bitcoin Exchange Traded Fund (ETF), that they are most probably going to get the approval of the regulator.
Meanwhile, BTC's hash rate jumped to its highest level in 3 months, which could have triggered some of the bears to book some gains, resulting in a sharp spike.
Top 5 Performing Cryptos and What to Expect
Today’s 5 best crypto performers with most gains started on February 7. The big question however is; will this bullish rally continue or it is only a dead cat bounce that will fade away in a few days? What can you expect? Let’s begin with Litecoin (LTC).
Litecoin price jumped into the fourth position as per CoinMarketCap following the announcement of partnership between Litecoin Foundations and a software development firm, Beam. The collaboration is to implement a new protocol dubbed “Mimblewimble” that will improve privacy and scalability via Extension Blocks on Litecoin. However, it seems the price rally could be short-lived.
Following the successful sale of the BitTorrent (BTT) token that closed within a few minutes, Binance Launchpad has announced that it will commence another sale. This time it will be the Fetch.AI (FET) token scheduled to take place on February 25 and the token sale will accept BNB.
Currently, all who have invested in the BTT token sales are sitting on huge profits, hence, the next sale of the FET is expected to have a similar positive outcome.
Is this, however, a sign of a revival of the Initial Coin Offering (ICO) market? While it is too early to determine that, it is certainly a positive sign.
EOS is among one of the selected cryptocurrencies being favored by investors. The digital coin is taking the spot of the third-best performer as it has risen by about 17 percent this week.
While it is difficult to explain the precise reason why EOS price is on the upward trend, there have been some interesting developments in the cryptocurrency. Price speculators are already excited about a new scaling solution dubbed “LiquidApps”. This major milestone project is expected to be a game changer for EOS.
In the case of the Dash price, the coin has seen some of the largest gains after the sudden spurt in prices of cryptos. At the time of writing, Dash is the top performer in the top twenty with 6% to $78 on the release of Dash Core v0.13.1.
Will this notable uptrend continue, or is it just another bull trap that investors should be wary of? In the meantime, that remains to be determined, as there is still some market uncertainty. However, the positive momentum needs to be appreciated while it lasts.
The lead developer Monero, Riccardo Spagni, has defended the basic human right to the privacy of every individual. He, however, stated that the privacy-focused cryptocurrency, Monero can be audited, if the wallet owner chooses to do so. Moreover, Mr. Spagni, who is also the CTO of Tari has advised people to use the digital coins as a currency, rather than an investment vehicle.
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