Most major cryptocurrencies on CoinMarketCap have been under the spell of the bear and continue to fall, at press time. However, if the long term performance of the coin is to be considered, most major coins have managed to register significant returns since the beginning of 2019.
Ran NeuNer, crypto influencer and Founder of Onchain Capital, suggested that a ‘raging bull market’ is upon the cryptocurrency world. NeuNer referred to the year-to-date returns registered by various major cryptocurrencies like Bitcoin [BTC], Binance Coin [BNB], Bitcoin Cash [BCH], and Litecoin [LTC]. According to NeuNer, these figures might indicate a bull market.
“Can’t see the raging bull market yet , let me help you:
BNB : 400%
We are just getting started!”
Among all major coins, Stellar Lumens [XLM] recorded the least returns, registering 1.25% over the past four months. The astonishing part of this review was XRP’s count. The third largest coin on CoinMarketCap is the only major coin to not report any gains, instead registering a fall by 7%.
Twitter user, @BGIradji, tweeted NeuNer and spoke about the alleged ‘manipulation’ that took BTC to $20,000, before pulling it back to $3,500 as the bull run faded. However, the user noted that,
“P.S. The others don’t matter. Without BTC liquidity, it does not matter how much they are up or down. They are up “80%” if traded for BTC for liquidity.”
This is true for most coins as a minimal change in BTC price impacts most coins in the market. However, to call it a ‘raging bull’ market would be an overstatement at this time, as most major coins are lying under their respective resistances.
At press time, BTC was valued at $5,490.60 with a market cap of $96.99 billion. It noted a seven-day growth of 4.07% and continued to rise by 0.20% over the past 24 hours. However, the coin was falling by 0.04% within the past hour. The immediate resistance for BTC rested at $5,558.35.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.