Bitcoin’s 8% surge over 3 hours leaves lasting impact on Algorand, OKB
On 2 April, the price of Bitcoin, the world’s largest cryptocurrency, crossed the $7k mark. However, the king coin retraced its steps soon after. However, as fruitful as this brief surge was, some corrections in the market of Bitcoin and the altcoin market are to be expected.
The price of Bitcoin saw a much-needed boost on 2 April, wherein it managed to cross $7k. However, due to minimal corrections, the price of the coin soon retracted under $7k. On 3 April, it was valued at $6,918.63, at press time. However, the YTD returns for the coin might turn positive soon with another bullish rally, with the value of its returns at the time of writing found to be -0.01%.
According to Parabolic SAR, Bitcoin was riding a bullish wave as the dotted markers had aligned under the candlesticks, indicating that the price was trending upwards. And now, while Bitcoin awaits its much-anticipated halving in May, the argument concerning whether or not the halving is priced in continues.
Noted altcoin Algorand also marched to the tunes of the world’s largest cryptocurrency. The coin ranked 47th on CoinMarketCap was reporting a 1.81% spike in 24 hours, at the time of writing. The market cap of ALGO was recorded to be $105.11 million, while the 24-hour trading volume was noted to be $53.29 million. However, the coin was still trading at a loss of 23% since the beginning of the year.
According to the Relative Strength Index, the coin had entered the equilibrium zone after being in the overbought zone for a while. Algorand was in the news recently after it announced its plans to put Gold on the blockchain through a partnership with Meld.
The 29th ranked coin on CoinMarketCap reported a 3.41% rise in its price over the past day. The market cap of OKB was found to be $270.37 million, with a 24-hour trading volume noted to be $166.43 million.
After the aforementioned surge led by the Bitcoin, OKB noted a price rise as well, with the token being traded at $4.51, at the time of writing.