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The cryptocurrency market has again posted solid gains over the past 24 hours, as have market valuation. broke the $ 440 billion mark, moving closer to the $ 0.5 trillion region. Bitcoin, Ethereum, Cardano, Bitcoin Cash, and other major cryptocurrencies posted significant short-term gains.
The Ethereum is the main market
The Ether price, the native cryptocurrency of the Ethereum Blockchain network, jumped 7% on May 3rd, recording several picks in the last 12 hours. The strong performance of Ether has led to significant gains, as WanChain, Golem and Ontology have demonstrated daily gains in the range of 10 to 50%
Triggered by the listing of Bithumb, the largest cryptocurrency market in the South Korean market, the price of the Golem (GNT) has increased by more than 50% against the US dollar and 47% by the bitcoin. of 3 percent of his own.
Immediately following the introduction of Golem by Binance, the world's largest cryptocurrency trading platform, the price of GNT dropped by more than 20%, traders buying the rumor and selling the news. A similar trend with the recent Bithumb rating is expected and GNT is likely to be corrected in the near term.
Often the price trend and Ethereum momentum represent the status of the chip market, since chips like WanChain and Golem are based on the ERC20 token standard of the Ethereum network. A good performance of Ethereum generally results in strong token gains and, on May 3rd, tokens followed the Ether trend and recorded significant gains over bitcoin and the US dollar.
Only based on the trend of the symbolic market and alternative cryptocurrency (altcoin) over the last two weeks, we can say that the season of the altcoin is back. Tokens have shown gains of 20 to 50% against bitcoin and other major cryptocurrencies such as Ethereum and Ripple, and the majority of chips still show strong momentum.
Citron Research, a team of analysts behind the famous short-seller Lemon, said that they expected the price of Ether to fall before Bitcoin. , and will short-circuit the Ether price in the short term. However, it seems unlikely that the price of ether will fall by large margins in the coming weeks, as Ethereum has performed relatively poorly against bitcoin and other major cryptocurrens since early April and it's hard to see the value of the ether continue to drop cryptocurrencies and tokens.
Andrew Left, researcher at Citron, said:
"I prefer to bypass the ether.I think both [bitcoin and Ether] are bubbles.If I was wrong on any of them, it would be bitcoin."
The Relative Strength Index (RSI) and the Bitcoin Williams Percent Range (WPR) mean that Bitcoin is currently in a neutral zone and shows no oversold or oversold conditions. The exponential moving average of bitcoin also shows a strong short-term trend, placing bitcoin in an ideal position to secure its current position in the $ 9,300 region and potentially increase in the next 24 hours.
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