Chinese Altcoins SpikeIn response to President Xi’s announcement, Chinese cryptocurrencies have been turning bullish. Many have been posting double-digit gains despite the President never mentioning cryptocurrencies, only blockchain. NEO, often called the ‘Chinese Ethereum,’ is up 31% at the time of writing. Ontology (ONT), another Chinese cryptocurrency which shares some of the same code with NEO, is up 42% on the daily and is currently trading at around $0.92. Tron (TRX) is also posting massive gains, up 20% at the time of writing and almost breaking the $0.02 zone. Other, smaller Chinese altcoins have also spiked substantially. Bytom (BTM) is up 81% and is trading at $0.137, while QTUM is up 26% and is currently trading at around $2.26. In short, Chinese cryptocurrencies are booming over speculation that one of them may prove integral to China’s new blockchain-focused state policy.
Where Does It All Lead?It’s unclear whether these spikes will effectively become pump-and-dumps, considering that they are based on speculation alone. There is no evidence to suggest any of these cryptocurrencies have been approved by the Chinese state. Still, it’s a positive turn in the market that has not seen altcoin pumps like this in a long time. In short, we may look back at this day as the start of the rest of the market catching up to BTC. Do you think this bullish spike may be the start of the so-called ‘alt season?’ Let us know your thoughts in the comments below.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.