Qtum, Bitcoin Cash, Ethereum Classic And Verge Are Up Over 20%

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Last Updated on 6 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The state of the crypto market is at this moment so bullish that retail traders seem to have discovered Ethereum Classic, the hard fork of Ethereum. A possible explanation could be that new traders, believe it to be a cheaper alternative to Ethereum, which by now at around $3,500 might seem expensive. If it’s not that, then traders are scratching their heads as to why the coin has gained 50% yesterday and rose to heights unseen of around $100.

Other coins from the 2017 bull run are also surging. Qtum is up 30% and is currently trading for around $18. This coin was very popular during the latest bull run, but has been under performing lately. Its all-time high is around $100.

Bitcoin Cash reached its highest point of this bull market, slightly above $1,300. Still almost 70% down from the latest all-time high of $4,350 in 2017.

Another very popular coin of 2017 was Verge, which is up today 21%. The privacy-focused currency is being blocked by many governments and can explain why XVG is under performing. XVG is 80% down form the 2017 ATH.

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Interest rates

Meanwhile US stocks markets were mostly flat as treasury secretary Janet Yellen backtracked earlier comments that she would support rising US interest rates, a move that could stifle stock gains.

Bitcoin, which as of late seems to move in tandem with US stocks given the growing institutional demand, recovered on the news and climbed back up to $57,000, just shy of the fabled $60k level which it needs to break in order to gain traction again.

The broader altcoin rally meanwhile continues, with Dogecoin still trading above 60 cents at volumes unseen. The cryptosphere is laughing while it’s best known proponents are not too happy about it. Anthony Pompliano has openly spoken against Doge already.

XRP sees investors join

Lastly, there was good news for XRP investors as they could soon be allowed to join into the SEC lawsuit together with Ripple Labs. The coin rose some 13% on the back of that news and seems to be heading to $1,80 again. At the time of writing, XRP trades at $1,65.