The market was vaulted for the day as optimism surround the cryptocurrency markets. This could bode well for the market in general because of the recovery it supports. Some stars have come out and shined bright.
Binance Continues Strength
The Binance coin is acting as an opposer to the trend as it shows a strong growth of 120% after 2018. The rise has catapulted it past the currencies Stellar and Tron, making it the 8th largest in terms of currencies. It has grown to a market cap of $1.8 billion compared to the $800 million it started from during the beginning of the year.
The good performance of Binance coin can be seen as a contradiction of the drop being experienced by cryptocurrency market, especially the main currencies bitcoin and Ethereum. Some experts believe that the strength of the Binance coin can be due to speculators seeing the coin as a way to speculate on industry growth. The crypto currency markets are moving and Binance coin is at the forefront of this movement.
There is hope at the end of the rainbow
Investors of the crypto currency market may have good news coming as the market is showing some signs of a probable recovery swing. The Bitcoin recovered 3% for the day and is trending upward as it approaches strong resistance levels. Steady growth above $3,800 level could fuel sustainable growth.
The same trend is showing for the second largest crypto currency market cap, Ethereum. Ethereum fell back from highs at $140 to settle at $136.34. This still represents a 7% increase for the day and a positive outlook for the future of the currency. The third largest crypto, Ripple, gained 2.5% day on day.
The Star of the Show is LiteCoin
The strongest gains among the top 20 cryptocoins was enjoyed by the Litecoin with 13% of gains for the day. It is settling above $52.30 for the day.