Top 5 Crypto Performers Overview: Binance Coin, Bitcoin SV, Ripple, Dash, Litecoin
Against the backdrop of numerous positive headlines, February was the first month to see Bitcoin’s price grow since July of 2018.
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The market data is provided by the HitBTC exchange.
The crypto markets are showing signs of bottoming out. Bitcoin gained about 11 percent in February, its first month to close positively since July of 2018.
Bitcoin is not the only cryptocurrency being favored by the market participants. A number of other major coins are also looking strong and have recovered from their lows.
The news of Facebook exploring options to launch its own cryptocurrency has been received as bullish. The new Samsung smartphone, Galaxy S10 will have a crypto wallet for Bitcoin and Ethereum. All these efforts will introduce cryptocurrencies to a global audience.
We expect greater participation from the institutions after the cryptocurrency market at large confirms a bottom. Hence, the traders can start initiating positions in the coins that have bottomed out or are displaying a good risk to reward ratio.
Binance Launchpad platform has concluded a successful sale of the Fetch.AI (FET) token within 22 seconds on Feb. 25. This shows that there is market demand for what Binance Launchpad does.
A few weeks back, a similarly successful sale of Tron-based BitTorrent token (BTT) had completed in 15–18 minutes. In order to speed up the launch of its mainnet, Binance is handing out rewards for testing the company’s new decentralized trading platform Binance DEX. Binance Coin (BNB) has benefitted from these positive headlines.
Can the price move higher? Let’s find out.
The BNB/USD pair has risen by almost 174 percent from its early-December lows. After the recent pullback, the price has covered a lot of ground and now remains only about 56 percent below its lifetime highs. This clearly shows a strong demand for the digital currency.
Currently, the price is close to the critical overhead resistance of $12. A break out of this can carry the pair towards the next target of $15, and above it to $18.
On the other hand, if the bulls fail to scale and sustain above $12, a few days of consolidation or a minor dip cannot be ruled out. While short-term traders can buy on a breakout above $12, the long-term players can wait for a minor dip to enter.
Bitcoin SV (BSV) was the second-best performer of the week. It rallied sharply on Feb. 25 and 26 as the cryptocurrency got listed by payment processor CoinGate, as well as by a Turkish exchange Vebitcoin.
Increased support has been welcomed by market participants. Can the price move up, or will it give up all the recent gains?
The BSV/USD pair has a short trading history. It is currently trying to bottom out closer to the support at $65.031. Multiple attempts to sink the pair have failed, as selling dries up at lower levels. This is a positive sign th