In recent weeks, strong returns have been achieved for various crypto projects, with both EOS and Litecoin LTC achieving significant gains. Both projects have increased by 20% + 24 hours in the last few days and this price action has continued. What is the reason for price increases for EOS and Litecoin? What do you have to do with a similar action from Bitcoin? And will we build on this moment or is this another fool? Let's take a look.
As you can see in the picture above, the top 5 crypto currencies experienced a collapse and a recovery in early March 2019. The news was best for Litecoin owners. LTC was not as strong as the other crypto currencies in the top 5, and its recovery on the other hand was more stable than that of Bitcoin.
It's impossible to point to a single event that triggered these changes, but we can safely say that those who buy EOS and Litecoin owe the recovery of Bitcoin to their own cause. When money enters the cryptocurrency industry, it is usually done through Bitcoin. Encouraged by a stronger BTC, investors bring money into other projects that they think are oversold. The idea is that these less traded blockchain coins have more potential for profit than the hot traded bitcoin. These dealers are often right.
Litecoin prices followed EOS prices, but for a variety of reasons
If the value leaves Bitcoin, it tends to do so in the rest of the crypto industry, as a weakness of the crypto currency guide points to vulnerability across the industry. The market is still a bit shy after Bitcoin did not hold its rally above $ 4,000 at the end of February 2019. Analysts fear that without continued growth, Bitcoin could reach $ 3,000 or less beyond this barrier.
However, BTC has been able to hold its way for more than $ 3,800 for some time. This gives the traders the security they need to increase their position in other projects.
EOS and Litecoin come to the fore for project-specific reasons. Litecoin was recently added to Coingate, an app that LTC offers to more than 4,500 retailers worldwide. Reaching the Litecoin network makes it easier than ever to use Litecoin for money, and LTC owners are more than happy to do so.
EOS continues its rocky road to market dominance. Millions of EOS have been stolen in a recent hack, but the development of EOS remains hot. The Effect.AI dapp, a popular artificial intelligence dapp, jumped on NEO and joined the entire EOS blockchain in March 2019. These and other exciting applications continue to make EOS a popular project and token, even though Litecoin's # 4 ranked in the top 5 of recent days.
However, none of these projects are completely independent of Bitcoin. All these coins can do is advertise themselves for the "best second choice" when Bitcoin investors look for BTC. As cryptocurrency markets appear to be heating up shortly before spring 2019, we believe that significant Bitcoin gains could come, and this could lead to even more impressive earnings for EOS and LTC holders. If BTC goes up, these projects could continue to rise, but only if BTC comes first.
- block Chain
Selected image source: Wit Olszewski / Shutterstock.com
The Post Litecoin and EOS have great price week. What's next? first appeared at The Independent Republic.
TheBitcoinNews.com is there for you around the clock to keep you informed about Krypto. How do we do? Tap Satoshi with the exciting new Lightning Network Tippin.me tool!
Contribution Source: Litecoin and EOS have big prize week. What's next?
More Bitcoin news and cryptocurrency news on TheBitcoinNews.com