Binance Coin and Cardano Dominate as Bitcoin Consolidates around $45,000
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On Feb. 10, bitcoin (BTC) saw its price drop by just over 3%, as the market consolidated. The correction sees binance coin (BNB) and cardano (ADA) dominate the top ten with huge gains.
Bitcoin had a below par day on Wednesday, Feb. 10, as price consolidated. The recent rally to a $48,120 high was greeted with a slight correction. However the price still remains firmly above $45,000. Insinuating that bitcoin is merely consolidating before another leg towards the all-time high, and possibly to $50,000.
While bitcoin took a breather, altcoins enjoyed some respite. The big winners of the top ten include binance coin and cardano. Both saw huge rallies on Wednesday.
Binance Coin Flies
Binance coin has slowly crept into the top seven following a rally that saw the price of BNB reach a new all-time high of $144 on Feb. 10. The price has risen by over 100% in the space of two days, making BNB one of the best performing cryptoсurrencies in the top ten.
Binance CEO Changpeng Zhao commented on the price surge earlier, calling for strong hands as BNB saw its fifth day straight of breaking its all-time high.
If you can't hold, you won't be rich.
— CZ
Binance (@cz_binance) February 10, 2021
Binance (@cz_binance) Cardano Solidifies Fourth Spot
Cardano has recently been battling for fourth spot against XRP and polkadot (DOT). However the 23% gain in price on Wednesday means ADA now clearly takes control of fourth spot.
Cardano has seen an impressive rally that has taken the price of ADA from $0.34 just ten days ago, to $0.83.
Cardano now sits at $4 billion in market capitalization ahead of XRP, that should now be concerned not only by polkadot sitting right behind. But also BNB is now in sight of fighting XRP and DOT for the fifth spot.
Altcoin Market Warming Up
While bitcoin appears to be taking a break, altcoins enjoyed plenty of green on Wednesday. The total market capitalization was down 2.50%, while the altcoin market capitalization saw little movement. The biggest gainer in the top 100 was AVAX.
Avalanche (AVAX) leading the Top 100
Avalanche saw a dramatic 60% increase in price, moving the project into 17th place overall. The price of AVAX soared from $27 to over $50 on the day, moving the total market capitalization of AVAX to $4 billion.
The recent price action is apparently related to the latest announcement from Avalanche. The company announced the Avalanche-Ethereum Bridge (AEB), which is now live. The AEB will enable DeFi users to seamlessly move assets between two blockchain ecosystems. One of the key benefits to this is the elimination of high fees.
Overall market sentiment is still extremely bullish. While bitcoin may be consolidating, the fact that BTC still rests above $45,000 after a slight correction means we could be in line for another bitcoin all-time high this week.
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