The cryptocurrency market has recorded strong gains once again over the past 24 hours, as the valuation of the market broke the $440 billion, moving one step closer to the $0.5 trillion region. Bitcoin, Ethereum, Cardano, Bitcoin Cash, and other major cryptocurrencies demonstrated large short-term gains.
The price of Ether, the native cryptocurrency of the Ethereum blockchain network, has surged 7 percent on May 3, experiencing several buy spikes over the last 12 hours. The strong performance of Ether led to big gains, as WanChain, Golem, and Ontology demonstrated daily gains in the range of 10 percent to 50 percent.
Triggered by the listing of Bithumb, the biggest cryptocurrency exchange in the South Korean market, the price of Golem (GNT) increased by more than 50 percent against the US dollar and 47 percent against bitcoin, which recorded an increase of 3 percent of its own.
Immediately after the listing of Golem by Binance, the world’s largest cryptocurrency-only trading platform, the price of GNT plunged by more than 20 percent, as traders bought the rumor and sold the news. A similar trend with the recent Bithumb listing is expected and GNT will likely experience a correction in the short-term.
Often, the price trend and momentum of Ethereum represent the status of the token market, as tokens like WanChain and Golem are based on the Ethereum network’s ERC20 token standard. A strong performance by Ethereum usually translates to strong gains of tokens and on May 3, tokens have followed the trend of Ether and recorded large gains against both bitcoin and the US dollar.
More information: www.ccn.com