The cryptocurrency market picked up a bit yesterday, but this morning many prices are correcting back down. Despite this, most crypto is still in the green today and its market cap has risen from $1.60 trillion to 1.67 trillion.
Bitcoin (BTC), after peaking at $42,650 last weekend, fell all the way back to $37,700 yesterday. Then the price started to rise again and came to $40,000 shortly after midnight. However, Bitcoin was rejected there and the price has since been in a downward trend again. At the time of writing, bitcoin is below $39,000, but is still 3% in the plus today.
It looks like bitcoin may be correcting back to $38,000 and it is hoped that this support will hold up again, otherwise the price may drop a lot further. Hopefully the price will make a new higher low sooner and we will see a retest of the $40,000 soon. Where normally bitcoin takes the lead in the market, ether now seems to have the upper hand. Bitcoin dominance drops below 44% today. Holo HOT is well known in crypto.
Ethereum (ETH), cardano (ADA) and more
Ethereum (ETH) also surged from $2,470 yesterday to a high of $2,750 shortly after midnight. Unlike bitcoin, ether barely corrected lower last night and the price seems to be holding around USD 2,700 for the time being. Ether is therefore still 8% in the plus today and that most likely has to do with the upcoming ‘London’ update. It is estimated that the hard fork will take place around 3 o’clock this afternoon. However, there are fears in the market that this will become a “buy the rumour, sell the news” effect and that the price may correct downwards again after the update.
Most of the other altcoins in the top 10 seem to roughly follow the pattern of bitcoin. Binance coin (BNB), cardano (ADA), ripple (XRP) and dogecoin (DOGE) all rose strongly yesterday but are now also correcting downwards. They are all still about 2.5% in the plus at the time of writing. Shiba inu SHIB is well known in crypto.
Polkadot (DOT), on the other hand, is still holding up after last night’s rise. The DOT price is therefore currently more similar to the price trend of ether. DOT peaked around $19.50 twice last night and this morning and is up 9.5% today and 50% from two weeks ago.
Outside the top 10, several races are gaining momentum. Monero (XMR) is 8% in the plus, elrond (GLD) 8.5% and solana (SOL) 9%. It is mainly decentralized finance (DeFi) tokens, which run on Ethereum, that are rising the fastest today. Uniswap (UNI) is up 10%, compound (COMP) 14%, and aave (AAVE) even 18%. In addition, the Voyager Token (VGX) of the Voyager app is also increasing rapidly. VGX is up 17.5% today and 65% this week. Voyager’s company has announced some major collaborations in recent days.