Traders are ecstatic as the cryptocurrency markets finally recover from the recent crash of March 12 amid the novel Coronavirus (COVID-19) pandemic. At that time, Bitcoin (BTC) and the altcoins shredded all the profits they have amassed since the start of the year, leaving many in bearish sentiment.
Altcoin Crashes Against BTC
However, with the current surge, the price levels in the market have returned to the same ones in February, when Bitcoin traded above $9,200. BTC is leading the bull run, posting massive gains of up to 10.34% against the USD in the last 24 hours. At the time of writing, Bitcoin is trading in the $9,000 area.
As Bitcoin’s increasing in its USD value, so is its dominance, which currently stands at 65.7%, suggesting that altcoins are losing grounds. Indeed, alternative cryptocurrencies are all bleeding against Bitcoin as the entire market is painted red.
Siacoin and Streamr DATAcoin Beat BTC
While almost all altcoins are posting massive gains against the USD, they are being crushed against BTC as Bitcoin dominance continues to surge higher. In the top 100 altcoin markets, only two cryptocurrencies are trading at profits against Bitcoin in today’s trading session.
Siacoin (SC) and Streamr DATAcoin (DATA) are the only two major altcoins in the market that surpassed Bitcoin’s RIO today. In the USD market, the bull run saw both coins trading higher at 28.96% and 48.89%, respectively. In the BTC market, SC is posting gains of 11.33% while DATA is 29.14% green.
Why The Surge Against Bitcoin?
Being the only altcoins trading at profits against Bitcoin in the market is a great feat for both Siacoin and Streamr projects.
While Siacoin offers an open-source, low-cost solution for cloud storage for users across a decentralized network of peers, Streamr is an open-source infrastructure for real-time data based on the Ethereum blockchain.
The Sia project recently announced the launch of a blockchain infrastructure designed for the Italian Banking Association (ABI). Founded in 1919, the ABI will use Sia’s blockchain infrastructure to enable its “Spunta Banca DLT” application.
Collaborating with one of Italy’s oldest banking associations is, no doubt, a milestone for Sia as it gives the project more exposure. By May 2020, around 55 Italian banks are expected to adopt the new SIAchain-based management process for reconciling reciprocal accounts among banks in the country.
Streamr, on the other hand, had its native currency DATAcoin (DATA) added to the world’s largest crypto exchange, Binance, for two new trading pairs. Binance announced that it had added support for DATA/USDT and DATA/BUSD trading pairs on its platform. The exchange launched an airdrop worth 3 million DATAcoin tokens ($150,000) to celebrate the addition of the new pairs.