"Surges to $365 Billion, Start of a Bull Rally?
Throughout this week, as reported, the cryptocurrency market has been eyeing a move towards the $350 billion region. Earlier today, on April 20, strong performances of major cryptocurrencies like bitcoin and Ethereum have led the valuation of the cryptocurrency market to surge to $365 billion.
Altcoin Season is Back
Throughout 2018, amidst extreme volatility and recovery, investors inclined towards as the safe haven asset. With the deepest liquidity and largest in the market, bitcoin was able to sustain some stability while many recorded a free fall. Most assets declined by more than 80 percent from their all-time highs and struggled to record gains against bitcoin.
Over the past seven days, alternative cryptocurrencies (altcoins) and other major cryptocurrencies have consistently reported gains against the most dominant cryptocurrency in the market. The daily trading volume of the global cryptocurrency market crossed the $20 billion mark for the first time in April and the valuation of the market achieved a new monthly high.
In March and early April, investors were skeptical towards investing in cryptocurrencies other than bitcoin and Ethereum because they were uncertain about the short-term future of the cryptocurrency market. While altcoins tend to have intensified movements on the upside, it also has larger movements on the downside, and investors thought the risk was not worth taking.
Traders have started to take more risk than before by investing in cryptocurrencies like Ripple, Zilliqa, Nano, OmiseGo and others. As the volumes of altcoins across major exchanges surged, altcoins began to outperform bitcoin on a weekly basis, and it is possible that ERC20 tokens outperform major cryptocurrencies on a monthly basis by the end of April.
The next major target for the cryptocurrency market is the $400 billion mark and by surpassing that threshold, the cryptocurrency market would achieve a two-month high.
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