Bitcoin price is exhibiting mild near-term weakness after its relief rally from lows of $47,044 stalled at $56,456. Bitcoin had suffered downside pressure since the prior week with this week’s recovery attempt meeting resistance above $56,000, leading to a short-term pullback in select Altcoins.
Bitcoin’s (BTC) recent price dip may not seem worrisome as the fact that it is likely to close its first negative month of April since 2015 this week despite hitting all-time highs of $64,899 in the same month. Trading view data indicates a negative return of 9.56% for April 2021 so far while positive gains in March stood at 30%. This is quite significant as April was deemed bullish for Bitcoin in contrast to March where the lead asset historically saw negative returns.
On the other side of Alternative cryptocurrencies referred to as Altcoins, Ethereum (ETH) remains relentless in its pursuit to new all-time highs. The largest Altcoin rose ahead to set new all-time highs of $2800 today, earlier spurred on by the news of the launch of a 100-million-euro ($120.8 million) digital bond sale on the ETH network by the European Investment Bank.
Earlier speaking on the state of the crypto market Okex analysts stated ‘The cryptocurrency market has returned to neutrality while BTC searches for buyers. Against the market leader, however, ETH is having no problems finding bullish support.’
Despite the short term pullback seen in some Altcoins, selected tokens such as PanCakeSwap (CAKE, +15.74%), WAVES (+18.12%), Venus (XVS +25.66%) ,OKB (+11.43%), NEAR (+11.71%), Huobi token (HT, +13.08%) maintained their greenish glow.
Amid all these, a top performer remains Prometeus (PROM) which rallied by nearly 1200% within the last 24 hours. Prometeus Network describes itself as a secure and decentralized ecosystem designed to solve real-world problems in data brokerage.
PROM/USD Daily Chart
PROM rallied from intraday lows of $10.45 to record highs of $121.47 (as seen on Bittrex) before a slight retreat. As of press time Prometeus (PROM) traded at $74.85, up 656.19% in the last 24 hours and 539.00% weekly. However, the sharp rally has pushed the daily RSI to overbought levels signaling near-term correction.
Let’s Take a Look at the Fundamentals Behind These Tokens
Prometeus (PROM) was supposedly created for the Influencer Marketing, Medical, and Insurance data market industries. although PROM recently announced some latest partnerships and network updates, this latest rally seems to be technically backed with few fundamentals. Technically, PROM made a strong breakout from a two-month-long consolidation.
Venus (XVS), an algorithmic money market and synthetic Stablecoin protocol that provides a lending and borrowing solution for the decentralized finance (DeFi) ecosystem is one of the top choices to earn a yield on the BINANCE Smart Chain (BSC).
Binance Smart Chain (BSC) has rapidly risen to prominence in 2021 as high transaction costs and congestion on the Ethereum (ETH) network led smaller-size investors to search for cheaper alternatives. Presently, two of the largest projects on BSC are Venus (XVS) and PancakeSwap (CAKE) which explains the growth seen on the two tokens.
Venus may be poised for more gains as people increasingly flee the legacy financial system in search of higher yields and effortless capital mobility seen in decentralized finance (DeFi). Exchange tokens have been rising generally which explains the growth seen for Huobi Token (HT) and Okex exchange token, OKB. Huobi launched crypto loans at the start of the year which enabled traders to use leverage and borrowed money to trade.
OKEx (OKB) also started real-time settlements for all perpetual swaps, futures, and options contracts in a phased manner from the end of December last year. On April 28, OKB announced ”Matic Polygon USDT-Margined Perpetual Swaps (Up to 75x Leverage) available now @OKEx!”
