Except for EOS, Bitcoin and the rest of the top 10 cryptos’ prices fluctuated this week. Find out here the factors behind these price movements.
Only EOS (EOS) improved on the fourth week of April while the rest of the top 10 cryptos struggled to keep their momentum. What caused the prices of Bitcoin (BTC), Bitcoin Cash (BCH), and the rest of the cryptocurrencies to fluctuate? Find out the factors that could have affected the price movements in this Crypto Exchange April WK4 2018 roundup.
EOS, currently the world’s fifth largest cryptocurreny, has been constantly experiencing a price increase for the whole month of April. The coin was only worth US$6.41 in the first week of April, but now it is trading for US$15.4. One contributing factor to the price improvements of the coin is its upgrade on performance and usability. Users can now enjoy free and fast transactions. The release of EOS’ first feature-complete prototype, EOSIO Dawn 3.0, has also made an impact on the coin’s price increase.
Meanwhile, Bitcoin failed to stay in the bullish pattern this week after former PayPal CEO Bill Harris called the cryptocurrency “a scam” and “a colossal pump-and-dump-scheme”. Another possible reason for the Bitcoin price slump is that miners plan to switch to another altcoin after the news that there are only four million remaining mineable bitcoins. However, the price still has a chance to increase after the partnership with Chicago Board Options Exchange, the largest US options exchange. This can help the coin to gain more mainstream and institutional investors.
Similarly, Bitcoin Cash fluctuated this week. However, Bitcoin Cash holders should not be worried as the coin’s price is expected to rise, especially with the upcoming hard fork on May 15. With the hard fork, Bitcoin Cash will have a bigger block size of 32 megabytes, which means it can hold process more transactions at a much faster speed.
For the rest of the top 10 cryptos, their prices could have fluctuated after Bithumb, Korea’s second largest crypto exchange, added four new tokens: Icon, Aelf, Mithrill, and Tron. Their prices, however, can still recover since more investors have recently been joining the crypto sphere.