We’re at the midway point of April, and thus far, the bulls have been making serious dents in the cryptocurrency arena.
A Great Month for Some Great Cryptocurrencies
Things got off to a powerful start early this month after bitcoin, the father of crypto, decided it was time to spike beyond $5,000. The currency had been trapped in the doldrums for well over a year, falling from its $20,000 high in December 2017 down to the mid-$3,000 range by Thanksgiving of 2018. It was an ugly sight, and one that made many think the crypto market would never recover. Enthusiasts and traders everywhere saw the master of crypto drop by well over 80 percent with no signs of a bull rally in sight.
Bitcoin wasn’t alone in its descent, with currencies like Ethereum falling well over 90 percent. The number one competitor to bitcoin and the second-largest cryptocurrency by market cap dropped from its all-time high of nearly $1,400 in February of 2018 to less than $100 within the same timeframe. Currencies like Litecoin and bitcoin cash followed suit, falling from over $400 to about $50 and over $3,000 to less than $500 respectively.
Though we’re nowhere near the December 2017 marks, April has set cryptocurrencies on the right path. Bitcoin has swelled to a new high, while other coins follow close behind. Ethereum, for example, has shot up to about $176 at press time, while bitcoin cash has produced returns in just the last four months alone that are practically double those of bitcoin.
Some currencies, however, are still suffering. EOS, for example, recently swelled along with the rest of its cousins, but is experiencing lagging gains at the time of writing. The price has fallen from about $5.83 to just over $5.30, marking a price drop of nearly nine percent in a relatively short amount of time.
It appears similar behavior was witnessed among major coins over the past few days, though many have managed to recover. Litecoin, for example, fell back to roughly $83 despite trading near the $100 line, while bitcoin cash was at $291. Both, for the most part, have managed to recover some of these losses since the start of the weekend.
Some Currencies Aren’t Quite Stepping Up to the Plate… Yet
Bitcoin itself fell back to the $5,000 mark, though it is currently trading for more than $5,100. EOS, unfortunately, is still trailing.
The good news is that there is not enough evidence to support a sell-off. Currencies are likely to experience small fluctuations throughout the month that will likely take them on small elevator rides from top to bottom, but nothing to get too serious about. EOS is likely just in a funk for the time being. The bears are still looking to retake the financial reins, but thus far, they’ve been largely unsuccessful.