The fear shot up yesterday cryptocurrency market equally well. Fear of the new delta variant of the coronavirus brought the stock market down and pulled the crypto market with it. This morning the market looks very different and we see a relatively strong recovery. Where yesterday almost all prices turned red, today they are almost all in green. Trading volumes are increasing and the market capitalization is rising from $1.23 trillion to $1.3 trillion.
Bitcoin (BTC)
Bitcoin (BTC) plummeted just as hard yesterday and then reached $29,500, where the price hung for the rest of the day. This morning, bitcoin suddenly skyrocketed towards USD 31,000 and it currently looks like the price may rise further today.
Whether we will actually finally see an outbreak remains to be seen. First, bitcoin needs to break through the resistance around USD 31,000 at all. It is also highly possible that bitcoin will remain stuck in this range for some time to come, slightly below the range seen in the past few weeks. Bitcoin’s dominance is waning again because many altcoins have risen faster in recent hours.
Altcoins
Ethereum (ETH) tumbled down with bitcoin yesterday, reaching $1,720. Early in the evening, the ether recovered to $1,800, but was unable to break through at first. This morning the ether price rose sharply and at the time of writing it is already towards $1,900. Again, the question is whether ether can break through and if it does, then there will also be resistance around $2,000.
Cardano (ADA) plunged all the way to $1.03 yesterday, but is back at $1.15 this morning, up a staggering 11.7%. However, the ADA price already seems to be running into resistance, but the trading volume continues to increase.
Dogecoin (DOGE) also rose sharply for a while. The DOGE price reached $0.162 yesterday and is pushing resistance around 0.18 at the time of writing with an increase of 11%. Polkadot was the hardest faller in the top 10 yesterday but is one of the hardest risers today. The DOT price came in at 10.65 yesterday and is at $11.85 at the time of writing. Just outside the top 10 we see solana (SOL) rising well. The SOL plunged down to $22.3 yesterday and stands at $25.7 at the time of writing, up 15%.
In addition, we see Axie Infinity, who made a big rally last week, now no less than 18.5% in the plus compared to 24 hours ago. Quant (QNT) and Polygon (MATIC) are both even 20% in the plus. THORchain (RUNE) is the fastest gainer today, rising 35% from $3.07 to $4.16.
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