Bitcoin had a bullish day as it bounced to $58,000 on Monday. Ethereum finally saw some action, following big news with Visa. Altcoins enjoyed a green day as well, with Monday setting the scene for a potentially big week ahead.
Bitcoin finally had an impressive day following the adverse price action seen last week. Monday saw bitcoin surge nearly 5%. BTC managed to hold $55,000 support and push closer towards $60,000 as it tagged $58,400. Price action appears to have flipped to the bullish bias once again as sentiment around the market seems to have shifted.
Ethereum Gains Big on Monday
With Bitcoin seeing decent gains on Monday, Ethereum also joined the party with a big day of gains. Ethereum saw its price surge nearly 10% on Monday, topping $1841 before seeing a slight retrace. The nearly 10% gain in price comes off the back of some pretty big news for the second most popular cryptocurrency. Visa has begun settling transactions in the Ethereum-backed stable coin USD Coin (USDC). The move represents the payment networks’ first real foray into cryptocurrencies directly. Visa is one of the largest payment processors across the globe.
The news catapulted Ethereum to an 8-day high. With trader sentiment shifting to extremely bullish on Ethereum. The news is likely to increase the value of Ethereum as it now partners indirectly with one of the biggest financial companies in the world.
Just in case it wasn’t obvious. It’s time to be irresponsibly long $ETH.
— Spencer Noon
(@spencernoon) March 29, 2021
Top 100 Biggest Gainers and Losers
Monday saw altcoins enjoy a day that was dominated by green. More than 90% of the top 100 saw positive price movements. The biggest gainers saw a new batch of coins take the top honors. Holo (HOT) was the biggest gainer in the top 100 with a 24.6% gain in price. Polygon, formerly known as Matic, also jumped over 22%.
While there were some losers on Monday, the worst-performing coin in ECOMI (OMI) dropped 8.8%, with the fifth-worst performer seeing Harmony (ONE) decline just by less than 1%. Not a bad day to be in altcoins, considering the small losses on the day.
Is Altseason Upon Us?
The market has flipped bullish in spectacularly fast fashion. With bitcoin looking to hold and push for a new all-time high once again, ethereum also looks primed for a retest of $2,000. April has generally been a bullish month for crypto and if the last few days of March are anything to go by, we could be seeing more gains in the weeks ahead.
Most notably, the top 92 projects now all have market capitalizations of over $1 billion. The market’s growth continues to soar as the total market capitalization also saw a strong gain of up to 8% on Monday.
April looks set to be a great month for cryptocurrencies. Will the excitement continue, and will we see the next alt season?
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