Why are altcoins like IOTA, EOS, Quant, and Bitcoin Cash rising?
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The crypto market continued doing well on Thursday, with Bitcoin surging to the crucial resistance point at $99,000. This surge has pushed the market cap of all coins to over $3.07 trillion. Some of the top-performing cryptocurrencies were EOS, IOTA, Quant (QNT), and Bitcoin Cash (BCH).
EOS price rises as DEX volume rise ahead of rebrand
EOS token price continued its strong rally, reaching its highest level since April 5. It has jumped by over 90% from its lowest point last month.
The rally is because it is in the process of transitioning from EOS to Vaulta, a blockchain network that will focus on Web3 banking. In a statement on Wednesday, the developers noted that this transition will be completed on May 14th, when the ticker symbol will move from EOS to A.
There are signs that this transition is already having an impact, as data shows that the chain, as DeFi Llama data shows, the 24-hour volume jumped to $12 million. It has handled over $75 million in transactions, a 22% weekly increase.
The daily chart shows that the EOS price has rebounded in the past month, surging from a low of $0.4340 in April to $0.830 today. It has moved to the 61.8% Fibonacci Retracement level, and remained above the 50-day and 100-day moving averages.
Therefore, the price will likely continue rising as bulls target the next psychological point at $1, which is 20% above the current level.
IOTA price rises after first liquid staking dApp launch
The IOTA token has rallied in the past few weeks, moving from a low of $0.1305 in April to the current $0.21. This rebound happened after it formed a falling wedge pattern, one of the most bullish reversal signs.
IOTA has also moved above the 50-day and 100-day moving averages, pointing to more gains in the coming weeks.
The token has bounced back after the developers launched the Rebased upgrade earlier this week. This upgrade introduced full decentralization, smart contracts, staking, and faster transaction speeds.
Another key IOTA news is that Swirl Labs launched the first liquid staking network on IOTA on Wednesday. This service hopes to be the IOTA equivalent of Lido and Jito.
Quant price surged after ECB partnership
Meanwhile, Quant price soared to $94 on Thursday as investors cheered its inclusion into a group of companies working on the digital euro. This is a major announcement since it means that its network may help in the CBDC launch in the future. Quant already partners with companies like Oracle and Hitachi.
The daily chart shows that the QNT price has been in a strong rally in the past few days, moving from $58 in April to $94 today. It has moved above the key moving averages and the Average Directional Index (ADX) has moved to 35, a sign that it has the momentum. Therefore, it will likely keep soaring to $100.
Bitcoin Cash price nears $500
Meanwhile, the Bitcoin Cash price has soared from $250 to $485, and is sitting at its highest point since January 17. It formed an inverse head and shoulders pattern, a popular bullish continuation sign. Also, the Average Directional Index (ADX) has jumped to 40, a sign that bulls are in control.
The rally is likely because of the rising hopes that a company will file for a spot Bitcoin Cash ETF approval. Such a fund would have an easier path of approval since it is a proof-of-work coin like Bitcoin. As such, the agency will never view it as a financial security, making it easier to approve.
The post Why are altcoins like IOTA, EOS, Quant, and Bitcoin Cash rising? appeared first on Invezz
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