Bullishness Spreads to Major Altcoins (Except XRP) in Wake of Bitcoin Halving
Despite Bitoin’s (BTC) recent halving on May 11 diverting some of the attention, other major cryptoassets have also seen strong performance in the days following the event, with early signs now indicating that the bullishness in BTC may be spreading to the broader crypto market.
Following the halving, most of the top 10 cryptoassets in terms of market capitalization have seen a positive performance in the market, with smart contract platforms Tezos (XTZ) and Ethereum (ETH) being among the strongest performers, both outperforming BTC and recording double-digit gains over the past 7 days.
Over the past 24 hours, tezos is up by 5% to a price of USD 2.88 as of press time on Wednesday (UTC 09:51). The latest gains in price come after news broke that XTZ will now be available for purchase as prepaid vouchers and gift cards through a network of 10,000 shops in France, with the help of French crypto start-up Digycode.
Ethereum, on its end, has also seen strong performance in the market, rising more than 12% over the past 7 days to trade at a price of USD 214. Following these gains, however, ETH has again hit strong resistance in the USD 215 to 220 area, which could add pressure on the price going forward.
Also, EOS – currently ranked 9th in terms of market capitalization – has lagged behind the two aforementioned assets since the Bitcoin halving, and has also yet to recover all of its losses from crypto’s Black Thursday on March 12. As of press time, EOS was up by 8% over the past 7 days, trading at USD 2.64.
In addition to XTZ and ETH, however, litecoin (LTC) is another cryptoasset that has seen relatively strong performance on the market since the halving. Adding about 10% since the halving, and 7.5% over the past 7 days alone, litecoin has maintained its position as the world’s 7th most valuable cryptoasset by market capitalization.
The most recent price gains for LTC also come after the Litecoin Foundation announced a new partnership with consumer entertainment company Atari, which will add LTC as a means of payment for the Atari VCS game console, a new PC/console hybrid, as well as a payment option for an upcoming token launch.
Meanwhile, XRP is the worst performer as it increased by 3% in the past 7 days, despite positive news such as a new Ripple partnership in Japan. Meanwhile, reports about their trading platform circulated right before the halving.
Bitcoin dominance, or the percentage of the total market capitalization, almost unchanged in the past week and is still above 66%.