23 Apr 2021: Altcoins dominating as Bitcoin dips to $50.5K, a -18% dip in 7 days

📉 BTC | $51,725 (-2,239, -4.2%)

📈 ETH | $2,409 (+24, +1.0%)

📉 XRP | $1.18 (-0.122, -9.4%)

📉 LTC | $252 (-5, -1.9%)

Bitcoin Dominance has dropped further to 50%, its lowest level in three years. During such periods, altcoins tend to outperform while Bitcoin stagnates during what many call “altcoin season”.

There is now five times more traffic on the competing Binance Smart Chain as compared to the Ethereum network. The Ethereum network is experiencing record traffic but high network congestion as well, driving users to competitors as transaction fees soar.

Ethereum miners recently raised the gas limit for transactions (translation: higher gas limit = more and cheaper transactions on average) for only the 7th time ever. Gas limit increases are typically only feasible after improvements to the blockchain, as developers race to contain rampaging Ethereum transaction fees while working on Ethereum v2.0 in parallel.

Cryptocurrency CFD is available for trading on Phillip MetaTrader 5 (MT5).

Features of trading CFD:

  • Trade in both the bull and the bear markets
    The ability to enter a long and/or short position allow traders to take advantage of both rising and falling markets.
  • Smaller barrier to entry
    CFDs typically have flexible and smaller contract sizes. This means that traders will be able to enter into a CFD contract with a modest amount of capital.
  • No expiration date or risk of delivery
    Unlike futures which commonly have a fixed expiration date, CFDs allow traders to perpetually hold the position(s). CFDs are cash settled, no need to worry about the delivery of the underlying asset.

Benefits of using Phillip MT5:

Trade at zero commission on a dynamic platform that offers low spreads. Integrated with Autochartist and Trading Central Indicators, and available on mobile, web and desktop app, you will never miss a trading opportunity with Phillip MT5.

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