2018 has witnessed a bearish market so far but there have been hints of green. Yesterday, at around 12:37 UTC, Bitcoin was trading at $9600 and under an hour by 13:28 UTC, Bitcoin had gained almost $600 which resulted in a domino effect on other altcoins.
Nano which currently ranks at number 21 on coinmarketcap is the leader of the ‘Top 21 tokens’ pack gaining 25% in the past 24 hours. NEO which currently ranks at number 9 saw a 23% growth while QTUM at number 18 saw a 15% growth in the past 24 hours.
The markets have been heavily dependent on Bitcoin’s price as BTC is still the base token for trading other coins. Major exchanges have started fiat trading for the top 5-6 currencies but experts predict that BTC dependency will remain the same in the foreseeable future.
Ryan Rolland, a Bitcoin and cryptocurrency investor from Buffalo says,
“We have just started to see exchanges all around the world introducing their respective fiat paired crypto. This will remove the Bitcoin dependancy and we will definitely see another altcoin emerge as the victor. Might be ETH, might be something else”
Nano just three days ago had seen a 72% bull run making it the only token that day to gain so much. Nano has been in the news ever since Bitgrail an Italian cryptocurrency exchange got hacked and approximately $170 million worth Nano was stolen. Nano has recently caught everyone’s attention because of its ability to confirm transactions instantly with zero fees and no scalability problems.
NEO has been under the radar with other tokens around it making the news for dramatic price swings. NEO aims to connect the digital and physical assets with a digital identity. QTUM is essentially a marriage between Bitcoin and Ethereum by combining the Bitcoin core functionality and Ethereum’s smart contract technology.
Brandon Fox, a Fraud Analyst and BNY Mellon spoke to AMBCrypto and says,
“Watch out for Nano, it definitely seems big, it might very well come to the Top 10 within the next few months. As of now all currencies depend on Bitcoin to perform but that might change soon”
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