Altcoins out perform as Link, Tezos and TRON all trade positive

May 4, 2020 Editor Altcoin 0

  • The crypto majors are slightly lower on Monday but some of the altcoins are trading well.
  • ChainLink has been listed on the Gemini exchange and will be available 5th May.
  • Open interest for Bitcoin futures markets has just smashed an all-time high.
  • Traders are also looking forward to the Bitcoin halving later on in the month.

Tyler Winklevoss the Co-Founder and CEO of Gemini exchange announced that the platform will be listing ChainLink (LINK) on the 5th of May, 12pm ET. LINK/USD then pushed higher but met some resistance at a key technical level pointed out on the chart below. 

  • Traders are also looking forward to the Bitcoin halving later on in the month.

We think it is likely the [bitcoin] price will go above $10,000 before the halving actually takes place, due to a frenzy of activity among bullish investors, Simon Peters, bitcoin and cryptocurrency analyst at brokerage eToro said as cited by Forbes

  • Open interest for Bitcoin futures markets has just smashed an all-time high.

Bitcoin (BTC) futures jumped out the starting blocks after a bloody March and an April rebound. Trading volume continues to expand with exchanges like the Chicago Mercantile Exchange (CME) leading the way in growth rates. Binance and Huobi are now on top of the entire market in trading volume after dethroning BitMEX in March.

  • General sentiment in the crypto world

The cryptosphere is performing well relatively speaking. Some of the crypto majors like Bitcoin are trading very close to (2020) yearly highs. Some of the smaller coins around 50% of the way there like TRX and XTZ. The CoT report for last week also showed some of the larger funds in the crypto world are holding more long positions. This made sense as last weeks rally had a decent amount of volume and if the open interest figures are anything to go by there is more and more participation from larger firms in the digital currency world.  Although Bitcoin has breached the 9K mark once again the trend is still very much still higher with the price waves continuing to make higher lows and higher highs still.