With cryptocurrencies such as Bitcoin Diamond, Ethereum Classic, EOS, ONT, QTUM, and Telcoin posting immense price gains, the Alt season narrative continues to mount especially amid Bitcoin’s (BTC) current stutter. Bitcoin price continues to trade in a range between $53,000 and $53,800. Bitcoin market cap dominance at a present value of 44.6% is at its lowest level since July 2018.
While Bitcoin struggles to post a daily close above $58,000, Bitcoin and Ethereum forks gained enough traction. An instance is that of Bitcoin Diamond (BCD) which rallied by nearly 200% on May 6 from lows of $3.28 to highs of $9.87. Bitcoin Diamond (BCD) is a hard fork of Bitcoin, occurring at block height 495866. Notably, other Bitcoin forks such as Bitcoin Cash (+6.38%) and Bitcoin Gold (+14.34%) have traded higher on a 7-day basis by 63.37% and 67.02% respectively.
Ethereum’s switch to a proof-of-stake consensus lifted Ethereum Classic (ETC) to fresh all-time highs of $175 as users search for compatible options. The network announced on May 5 “as one of the last Proof-of-Work chains around, we’re glad to see the network hash rate is at previous levels seen before those 2020 coordinated attacks.”
The hash rate of the Ethereum Classic network has steadily climbed higher alongside the rising price of ETC, helping to make the network more attractive to interested miners and increasing the overall security.
Ethereum Classic (ETC), a hard fork of Ethereum traded at $150.49 at the time of writing.
In early May, Wing Finance, Ontology’s cross-chain DeFi lending platform, went live on Ethereum. Launching its new Defi product “Any Pool”, provides opportunities to a much wider audience and allows for the Contractualization and lending of almost anything.
On May 6, the ontology network also announced its collaboration with The Block to uncover the Decentralized Identity Industry. Ontology (ONT) has exploded higher in the last 48 hours to reach highs of $2.9, up 36.16% daily and 65.24% weekly
Telcoin (TEL)
Singapore-based cryptocurrency company Telcoin disclosed plans of opening three new remittance corridors, expanding its tentacles across three continents. In February, the provider of blockchain-backed financial services intruded fiat transfers between Canada and the Philippines, marking the opening of Telcoin’s first remittance corridor.
On May 6, Telcoin announced the accessibility of the TEL token on Quickswap exchange and 0xPolygon. TEL has exploded higher in the last 7 days, clinching all-time highs of $0.05 today, up 39.56% in the last 24 hours and 444.08% weekly
EOS (EOS)
Block one, EOS parent company announced in late April details of a new EOS Stake-Based Voting and Rewards program. This system should have the potential to align the interests of network operators and token holders.
The CCID Research Institute of the Ministry of Industry and Information Technology of China published the 23rd Global Public Chain Technology Evaluation Index. According to the ranking, EOS was rated the best blockchain, flipping Bitcoin to 9th place. EOS has exploded higher in the last 48 hours to reach highs of $12.77, up 39.08% daily and 103.76% weekly.
Qtum (QTUM)
Qtum is a decentralized blockchain application platform capable of running Smart Contracts on multiple virtual machines, with Proof-of-Stake consensus. On April 30, Qtum implemented a hard fork for ultra-fast transactions. Qtum also joined the list of top cryptos accepted by Travala.com in late April. Qtum has exploded higher in the last 48 hours to reach highs of $17.26, up 44.02% daily and 80.86% weekly.
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