It seems that the second quarter entered with full force in the cryptocurrency market. The predictions and the bullish sentiment were right, at least for now; the cryptocurrencies have gone up today more than 8% from its initial prices, continuing the trend that was set up yesterday starting with an upward spike in prices, that happened in just minutes.
The main cryptocurrencies are up by more than 5% each. Some altcoins experienced higher gains and decoupled from the rest. The graphic shown below, taken from CoinMarketCap, shows the market price at the time of the writing.
Notably, Bitcoin managed to pass the $8,000 dollars mark that it lost last month, but it is underperforming compared to other altcoins. Ethereum managed also to past the $500 mark, something notable for the altcoin that is used by most ICOs. Ripple also went up by more than 20%.
This behavior confirms the optimist sentiment of most analysts and investors when they were asked about the future performance of the market during the last slump. This is a clear result of the interest raised by cryptocurrencies and the announcement f some big investors getting into the business despite the major losses experienced the first quarter of this year. The Rockefeller family through its capital investment firm Venrock, and the finance magnate George Soros have started to consider the cryptomarket as a viable choice for investing.
This also seems to confirm what was said by Tom Lee in an earlier article: Fundamentally, crypto is a business based on opportunity, and most gains come from one-day rallies. Still, we must also remind that volatility is still an important factor in this market of investment, and prices trend can change in any minute. But at this time it seems unlikely, and the upward trend seems stable.