Of cryptocurrency market pulled strongly yesterday and many prices rose equally fast. Total market capitalization rose above $2 trillion for the first time since mid-May. After such significant increases in bitcoin (BTC), for example, a small correction usually follows and we saw that happen last night and again this morning. Total market cap dropped to $1.94 trillion this morning.
Bitcoin (BTC)
After a week of soaring, the current rally of bitcoin to cool down. Despite multiple attempts yesterday, Bitcoin was unable to jump straight and break out of the zone just above USD 46,000. At the end of yesterday afternoon, a high of $46,700 was reached, but then the bitcoin price fell and reached $45,500 last night. The price then briefly recovered above $46,000, but in the early hours of this morning, bitcoin plummeted again, dipping below $45,000 at the time of writing.
Nevertheless, it is highly possible that this $45,000 will hold up as support and that bitcoin will resume its rally soon. Should the support fail, it is possible that bitcoin will fall back to $43,000 or even $40,000. If bitcoin continues its rally, we may see another $50,000 this week, but that is far from certain and there is likely to be a lot of resistance there. The bitcoin price is expected to reach a so-called next Friday golden cross forms, that’s when the 200 days moving average traverses the 50-day MA and is usually a bullish sign:
New #BTC Golden Cross still on track to occur this Friday$ BTC #Crypto #Bitcoin pic.twitter.com/4fd4JNLurM
— Rekt Capital (@rektcapital) August 11, 2021
Analyst Willy Woo notes that the Bitcoin network is currently growing faster than ever:
Users on the Bitcoin network is now growing at its fastest rate ever.
1.2m users were added in the last 30 days.
Does not include off-chain users on exchanges which typically sees up to 3x this number. pic.twitter.com/pcTf2gWWfb
— Willy Woo (@woonomic) August 11, 2021
Altcoins
Ethereum (ETH) remains strongly correlated with bitcoin for the time being. The ether price made two more attempts to shoot through yesterday, but ran into too much resistance around USD 3,265. At the beginning of the night, the price briefly recovered from USD 3,165 to USD 3,235, but this morning ether is also making a significant dip lower and is even falling harder than bitcoin. Still, the support around USD 3,100 seems to be holding up for now and we may now see a recovery.
Cardano (ADA) rose sharply yesterday, briefly reaching $1.88 yesterday afternoon, but also dips down well this morning. ADA briefly came in at $1.74, but it looks like the price may be starting to rise again.
Ripple (XRP) The price jumped quite a bit yesterday, touching as low as $1.05 towards the end of the evening, its highest since early June. The XRP price also corrected slightly downwards, but barely compared to the rest of the top 10. XRP briefly reached $0.96 this morning, but is now above $1.00, bringing the price up as much as 14% today. . The reason for this increase seems to have to do with the following news, but more on that later on Crypto Insiders:
We’re excited to partner with GME Remittance to accelerate and scale payments from South Korea into Thailand, building on the RippleNet momentum in APAC where transactions are growing 130% year-over-year. https://t.co/aDeceLNIZY
— Ripple (@Ripple) August 11, 2021
Outside the top 10, the crypto that has risen the most in recent days are now correcting the hardest down. Elrond (ELGD) is 6% in the minus, flow (FLOW), internet computer (ICP), helium (HNT) and axie infinity (AXS) lose about 8% to 9% of their value. Ravencoin (RVN) is 11% in the minus and safemoon (SAFEMOON) even 13%.
In contrast, polygon (MATIC), near (NEAR) and tron (TRX) are still 9% in the plus, klaytn (KLAYTN) 11%, bittorrent (BTT) 14% and xdc (XDC) 26%. Iotex (IOTEX) is even up 29% again and the IOTEX price has now risen by no less than 400% in just one and a half days.
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