The crypto market is finally showing signs of life after a painful first quarter.
The total value of all cryptocurrencies, also known as total market capitalization, jumped above $300 billion on Thursday and was last seen at $325 billion, the highest level since March 26, according to CoinMarketCap.
Also, the total market capitalization has jumped 31 percent in the week ended Friday.
The much-needed relief rally in the broad crypto markets could be associated with bitcoin’s 21 percent weekly gain. The world’s largest cryptocurrency defended the key 50-week moving average support in the first half of the week before rising to 2.5-week highs above $8,200 Friday.
Meanwhile, ethereum’s native cryptocurrency, ETH, appreciated 38 percent week-on-week and is the top-performing major coin. Ripple’s XRP and bitcoin cash gained 32.8 percent and 23.9 percent, respectively.
However, a look at the performance of the top 25 cryptocurrencies by market capitalization reveals that verge’s XVG token has outperformed its peers. Also, EOS and Ontology’s ONT token have etched out impressive gains.
Weekly performance: +58.36 percent
All-time high: $0.30
Closing price on April 6: $0.058483
Current market price: $0.092619
Rank as per market capitalization: 20
Verge’s XVG token takes the top spot for the second week. The 58 percent surge could be associated with growing investor interest in verge’s mystery partnership announcement, scheduled for April 17. Speculation is making the rounds that an angel investor, TokenPay, might be involved in the partnership. Also, a few other names like Overstock.com, Amazon, eBay, are being thrown around across social media.
Also, XVG is the second most actively traded cryptocurrency on Binance. Anticipation of the April 17 announcement will likely keep XVG better bid over the weekend. However, profit taking (sell the fact) after the announcement could push XVG lower. Note that the sell-off could be sharp if the announcement fails to meet heightened market expectations.
The relative strength index (RSI) shows overbought conditions, so the XVG token looks ripe for a pullback. Only a close below $0.05 (50-day moving average support) would signal invalidation of the bullish case.
Weekly performance: +55.68 percent
All-time high: $18.71
Closing price on April 6: $5.89
Current market price: $9.17
Rank as per market capitalization: 5
EOS picked up a bid on April 11 and jumped to $9.56 Friday on Bitfinex – its highest level since Feb. 20.
The developers recently announced an eosDAC airdrop to the EOS token holders and the lure of making free money via airdrop seems to have put a bid under the token. The airdrop is scheduled to happen on April 11. Thus, the token will likely remain in demand over the weekend.
However, EOS looks overbought, according to the technical chart below.
The relative strength index (RSI) has moved above 70.00, signaling overbought conditions. So, the resistance at $9.525 (38.2 percent Fibonacci retracement) could prove a tough nut to crack.
That said, the 5-day moving average and the 10-day MA are biased bullish (rising). So, the pullback could be short-lived. Only a close below $7.28 (March 21 high) would invalidate the bullish view.
Weekly performance: +52.94 percent
All-time high: $4.77
Closing price on April 6: $3.06
Current market price: $4.68
Rank as per market capitalization: 22
Ontology is a new, high-performance public blockchain project and a distributed trust collaboration platform that includes a series of complete distributed ledgers and smart contract systems, according to the official website. The developers have released the first version of the roadmaps and the first projects are live on GitHub.
Ontology’s ONT token has made it to the list of top 25 cryptocurrencies by market capitalization in just four weeks from inception. The token began trading at $1.36 on March 15, meaning it has rallied a staggering 250 percent in four weeks, according to CoinMarketCap.
Flowers image via Shutterstock.
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