Bitcoin’s price (BTC) rose for the first time in almost a month on April 10, hitting highs of $ 61,218 after hovering between $ 50,000 and $ 59,000 for weeks. Bitcoin retreated slightly after hitting this high, despite trading at $ 59,746 at press time.
After the Bitcoin price spike, some traders and analysts expect the altcoin market to take a breather. One well-known trader stated that there is a high likelihood that altcoins will not gain nearly as much as expected when the volume is soaked up by bitcoin. He explained that during this time, profits from altcoins tended to flow back into bitcoin.
However, some select altcoins like Stellar, Dogecoin and Elrond had big breakouts despite the spike in Bitcoin price movements.
Why Stellar, Dogecoin, Elrond suddenly recovered
Stellar (XLM)
The superb price has consolidated after hitting a high of $ 0.60 on February 13th. The recent price rally was supported by positive fundamentals and a favorable technical structure. Analysts noticed a bullish cup-with-handle pattern on the XLM price charts while pointing to a significant increase in volume.
London-based payment platform Revolut announced on Thursday the integration of 11 new tokens, including XLM as payment options. Thanks to Revolut’s partnership with Paxful, customers can also trade the new cryptocurrencies.
The XLM price increase comes despite the failure of the Stellar blockchain in the previous week, in which affected nodes had a downtime of around 10 hours. Several exchanges have temporarily suspended XLM deposits during this time. The problem was fixed and the Stellar Development Foundation (SDF) stated that the network itself was not affected and did not stop. On April 11th, XLM rose to intraday highs of $ 0.659 before falling back to its current price of $ 0.59.
Dogecoin (DOGE)
Dogecoin price had a massive spike to $ 0.072 on April 1 after Elon Musk tweeted that SpaceX will bring a literal Dogecoin to the moon. However, this step did not take long and virtually all profits were lost within the next 48 hours. DOGE has since consolidated.
Dogecoin has seen its price spike this weekend when Elon Musk suggested in another tweet on April 10 that he would “go to the moon very soon.” DOGE rose to intraday highs of $ 0.081 before pulling back to its current price of $ 0.073.
Elrond (EGLD)
Elrond, or eGold, is a blockchain protocol designed to provide extremely fast transaction speeds using sharding. Elrond has been in an uptrend since March 25th, hitting new all-time highs of $ 242 on April 11th.
Elrond recently partnered with the blockchain platform Shopping.io, which enables users to spend their eGold tokens on some of the world’s most popular e-commerce marketplaces such as Amazon, Walmart and eBay.
Last week, the makers of the popular Polkamon NFT collection of animated dragons and other creatures said they had entered into a long-term partnership to bring the “diverse universe” from Polkamon to Elrond. The project cited gas charges as the main reason for the switch.
Elrond also announced the use of the ORAO network, a data-independent oracle, to feed smart contracts into the Elrond mainnet. The idea behind blockchain oracles is to provide reliable information from the outside.
Image Credit: Shutterstock
Comments are closed.