Altcoin season in full effect as Ethereum, Tezos and Ripple shine
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Ethereum has hit a fresh all-time high and altcoins including Ripple, Tezos and Decred are making major gains while Bitcoin trades in a fairly narrow range.
Ether reached an all-time peak of $US2,153.08 ($2,818) shortly after lunchtime and at 3.07pm AEDT was trading just under that at $US2,122.88.
No less than 14 other top 100 cryptocurrencies had broken through their all-time in the past 24 hours, according to Coingolive, including Nexo, Tezos, Decred, VeChain, Holo and THORChain.
It’s #AltCoin Season
My Favorite Time Of The Year 📈
— Jake Gagain (@JakeGagain) April 5, 2021
Just 10 of the top 100 coins had declined in the last 24 hours, with the rest of the market firmly in the green and 23 coins racking up double-digit gains.
Stacks (STX) was the biggest gainer in the past 24 hours to 3.35pm, up 111 per cent to $US2.45, after the token became available for trading on South Korea-based crypto exchange Upbit.
The platform aims to replace centralised cloud service providers with decentralised apps and smart contracts, based on the Bitcoin network.
Ripple’s XRP token was up 26.2 per cent to US88c, and had traded as high as US93.99c, according to Coinmarketcap.
Last to pump, but pumps the hardest #XRP
— Alex Cobb (@AlexCobb_) April 5, 2021
The token was back in 6th place on Coinmarketcap, overtaking Cardano (ADA), which had fallen to 7th. ADA was up 1.8 per cent to $US1.21.
Tezos was up 17.8 per cent to $US6.26.
Bitcoin meanwhile was trading at $US58,979 ($76,976), up 1.6 per cent in the past 24 hours.
The original cryptocurrency has traded between US$55,000 and US$60,000 for the past week and a half, losing “dominance” or share of the total cryptocurrency market.
Bitcoin dominance was at just 57.12 per cent on Tuesday, down from over 60 per cent on Thursday and from a peak of over 74 per cent on January 3.