As the bearish pressure continues to dominate the vast majority of cryptocurrency markets, it will be interesting to see how things evolve in the near future. As Bitcoin remains stuck in the red, it is only normal alternative markets see a similar trend. One notable exception comes in the form of the Waltonchain price, which is moving up without too many problems. A surprising turn of events, but one that also shows the bears might not be here to stay.
Waltonchain Price Spike Offers Hope
In the cryptocurrency world, virtually all markets will follow Bitcoin’s price trend first and foremost. That is only normal, as all of these currencies are traded against Bitcoin as their main trading offering. This can cause a lot of problems for these markets moving forward, as they will lose a lot of value when Bitcoin is dropping in price. Waltonchain is an interesting exception today, even though its gains are not necessarily all that steep either.
Over the past 24 hours, the Waltonchain price has risen by 3.65% to climb back to $2.06. There is also a 7% gain in WTC/BTC and a 7.8% gain in WTC/ETH. Both of these trends are pretty interesting in this regard, although it remains to be seen what the future will hold exactly. With $6.44m in overall trading volume, Waltonchain may be rather limited in terms of where it can go moving forward, but this uptrend is rather promising in terms of seeing some bullish momentum amid a sea of bearish pressure.
On social media, traders are still chasing any profit they can obtain right now. As such, WTC has become a very interesting market for these people. TH3000 Crypto Bot is spreading the good word by showing how WTC/BTC is the ratio to keep an eye on in the altcoin industry right now. Crossing the 14-day EMA Is a pretty bullish sign, although it may be a fake breakout as well, for all one knows.
— TH3000 crypto bot (@TH3000_bot) April 12, 2019
A similar sentiment is echoed by Papa Coiner, who likes to see this action taking place where WTC/BTC is concerned. More specifically, this market is going full steam ahead as of right now, but one has to keep in mind how this uptrend may not remain in place for very long. After all, the low trading volume can be a massive hindrance for Waltonchain, as there isn’t too much genuine interest in this market as of yet.
Coin Pair WTCBTC is running up for a couple of minutes! #WTC just now went +3.08% ↑!
— Papa Coiner (@papa_coiner) April 12, 2019
For those who simply want to look at the price chart itself, it would appear the rebound and subsequent pump has caught a lot of people by surprise. Bumblebtc sees this as a “nice pump”, although others may have very different opinions regarding this market. Its major decline since the past price increase is a clear indication of how up-and-down this market can really be. Chasing the pump is never a smart idea in this regard.
— Bumblebtc (@bumblebtc) April 11, 2019
For altcoins, the coming hours may prove to be very crucial in terms of noting any sort of comeback. Waltonchain is clearly leading the pack in this regard, although it seems likely this artificial uptrend may come to an end in the very near future as well. Even so, the gains over both Bitcoin and Ethereum are pretty interesting to keep an eye on right now, as those show altcoins can mount a comeback during these trying times.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.