After a depressing weekend that saw Bitcoin (BTC) drop dangerously close to $5,000, this Monday morning has opened strong amongst Asian markets.
As the sun rose over the East, a huge injection of volume saw Bitcoin spike from $5,086 to $5,152 in a matter of minutes. The asset corrected briefly but has since continued to climb, gaining three percent in value today. However, some smaller coins have enjoyed far greater gains. Bitcoin Cash (BCH), in particular, surged by a massive 10 percent around the same time, with Litecoin (LTC) following close behind with nine percent gains.
Bitcoin Cash (BCH)
It’s been a strong week for Bitcoin Cash, with several impressive developments coming to fruition. The Bitcoin Cash-based ‘Merit’ token of Liberland, a sovereign free republic on the banks of the Danube River between Croatia and Serbia, surpassed $1 million in total market cap.
Liberland may not be officially recognized as its own country, but the power of blockchain technology has provided it with its own currency. The Liberland Merit Token (LLM) was listed on the Atilly exchange on March 11th and has since matured in value to over $1 per token.
Other developments that have helped drive up the value of Bitcoin Cash include increased acceptance by merchants in Asia and the addition of Xthinner compression technology that helps speed up network performance by improving fault tolerance. Also worth noting is a recent article by media giant Forbes that revealed Bitcoin Cash has been twice as profitable as Bitcoin this year.
Since its rally this morning, BCH has corrected slightly and is holding support just above $300 with a market cap of $5.32 billion.
Litecoin is another cryptocurrency that has had enjoyed an exceptional year so far. Litecoin’s network hashrate reached an all-time high (ATH) two weeks ago on April 4th when it surpassed 359 terrahash per second (TH/s). Increased hashrate is indicative of growing interest from miners and a better opportunity at receiving mining rewards.
Entering 2019 at below $30, Litecoin has since tripled in value to hit a yearly high of over $90 on April 8th last week. However, it met strong resistance just below $100 and quickly retraced to around $78. A fresh injection of volume this morning saw the coin spike back up to $85, where it is currently hovering at. The move has placed Litecoin back in the fifth position by market cap, overtaking EOS once again. The two coins have been jostling for the fifth position for the past few months now, with both benefiting from very impressive gains this year.