The cryptocurrency market has recovered from some of the losses it registered in the past few days. Bitcoin is up by 1%, while some altcoins are marking impressive double and even triple-digit gains with OMG Network leading the pack.
The altcoin market became accustomed to significant fluctuations, and the past 24 hours don’t disappoint. One alt stands above all – OMG Network. OMG has exploded in value in the past few weeks and especially since yesterday, when the company announced that the most widely used stablecoin, Tether (USDT), will utilize its blockchain.
OMG traded at $1.5 on August 12th and, in just nine short days, skyrocketed by more than 500% to its new two-year high of over $9 (on Binance). In the past 24 hours alone, the asset is up by 105%, even though it has retraced to $7.5 as of writing these lines.
0x, Flexacoin, Status, Ampleforth, Qtum, ICON, and Lisk also surge in value, with somewhere between 30% and 50%. Lisk (25%), Balancer (25%), Bancor (25%), Looping (23%), Yearn.Finance (22%), Ontology (20%), THORchain (17%), Basic Attention Token (16%), Neo (15%), and Bytom (15%) are also some of the representatives of the double-digit price pump club.
The situation among large-cap alts is much more stable. Ethereum has bounced off its yesterday’s bottom at $395 and is currently trading at $415. Ripple (1.5%), Litecoin (1%), BitcoinSV (1.6%), Cardano (3%), and Binance Coin (3.6%) have also recovered some ground.
Interestingly, Chainlink has dropped by 7% since yesterday, while Bitcoin Cash gains 2.5%. Consequently, BCH has surpassed LINK as the 5th coin in terms of total market cap.
The primary cryptocurrency has been on a downtrend for a few days, diving from its new yearly high of $12,450 to $11,600. However, the bulls took control at that level, which is the 50 EMA, and BTC has increased a bit to its current level of about $11,830.
Should the asset fall even further, it can rely on $11,400, and the psychological level at $11,000 as support. Alternatively, if BTC overcomes decisively $11,800, it could challenge $12,000 again.
With the lack of substantial price movements, while many altcoins surge in value, Bitcoin’s dominance suffers. The metric comparing BTC’s market cap against all other coins has dropped by 1% since yesterday to 58.7%.
