The cryptocurrency market finally looks very promising with many of the largest assets trading in the green. Over the last couple of days, Ethereum has taken the lead, and by the looks of it May could turn out to be the strongest month of 2018 so far.
Ethereum passed the $800 mark for the first time in two months on Friday morning. One of the reasons for Ethereum’s bullish behavior can be linked to the fact that the peace agreement between North and South Korea was registered on the Ethereum blockchain.
But ETH is not alone, and it seems like the rest of the market is ready to follow suit. During the first days of May, Ripple has gained over 13 percent and Bitcoin has gained almost 10 percent meaning BTC is closing in on the $10,000 mark again. Additionally, Litecoin is up 14 percent month to date, and Bitcoin Cash has gained an impressive 28 percent in the last week.
Based on these numbers and the fact that both EOS and Tron gained over 100 percent in March, we suspect that the market has finally turned. Hopefully, we get to see even more growth during the month of May and this coming summer.
The Cryptocurrency Market and Stock Market Are Alternating
In stock trading, there is a common strategy called ‘Sell in May and Go Away’ that is used to avoid the volatile period between May and October. By selling equity in May and reinvesting in November, investors can keep their money safe and avoid unnecessary risks. However, this strategy doesn’t seem to apply to the very bullish cryptocurrency market.
In fact, during the past few years, the cryptocurrency market has performed very well during the summer and fall months before leveling out in December. It is almost like stocks and cryptocurrencies are taking turns on running bullish and bearish.