After a long period of plunging down, on Monday the Bitcoin witnessed a sign of relief and led the smaller cryptocurrencies to surge.
The cryptocurrency Bitcoin Gold was created via a hard fork in the November of 2017. At $27 this cryptocurrency changed hands depicting a 40% profit on a 24-hour basis. During the early US hour, the 4-1/2-year-old crypto strikes $32 making it the highest since May 11.
Though the move came with a solid volume still the exact reason behind the outsized yield is unknown. The low volumes rallies are considered bull traps that are powered by some fumes.
According to the Charting platform TradingView, the daily Bitcoin Gold- Tether volume bar on the dominant crypto exchange Binance is showing the highest since June last year.
Some of the other gainers include SushiSwap’s (decentralized exchange) token SUSHI, Ethereum Classic’s ETC (native coin), and Neo’s (decentralized open-source network) NEO cryptocurrency. But these three are still down 90% from their respective highs.
From the list of biggest losers, the ZIL token from the smart contract platform Zilliqa topped with a 3.5% drop. Though the crypto surged on April 1 from the forthcoming launch of Zilliqa’s Metaverse-as-a-service platform Metapolis. But the positiveness fizzled out in the following weeks.