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BTC pumps $1,000, large-caps Cardano, ETH follow lead

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BTC pumped over $1,000 this morning to reclaim the $30,000 level, after briefly dipping under $29,500 last night. Larger altcoins mirrored that move and pumped by high single-digit percentages as of press time, data from multiple tools shows.

BTC, Cardano, Solana pump

The world’s largest cryptocurrency was dragged down this week against a rout in the global equity market—one that pundits peg to the ever-increasing COVID cases and mutants, while critics peg to that of high inflation in the Western countries.

It was, however, met with rejection at the $31,000 price level, and still trades below the 34-period moving average, suggesting the bearish trend isn’t ending yet.

BTC pumps $1,000, large-caps Cardano, ETH follow lead
Image: BTC/USD via TradingView.

This morning’s sudden pump, however, brought some temporary green to the red mess. ETH logged a 6% increase as of press time, followed by Cardano (+6.1%), Dogecoin (+7.0%), Polkadot (+7.3%), and Solana (+10%).

For the above coins: ETH has a positive fundamental catalyst approaching in the form of the much-awaited EIP-1559—the protocol’s shift to a proof-of-stake consensus design—while Cardano’s steadily moving ahead with its own awaited smart contract implementation. 

On the other hand, Solana, a high-speed blockchain whose investors include Sam Bankman-Fried, the billionaire owner of FTX, seemed to have pumped on the back of FTX’s $900 million record fundraise yesterday.

As such, BTC has continually declined since April 2021, when it reached an all-time high of $64,000, before dropping to as low as $29,312 yesterday. 

And the asset’s market cap has drastically fallen as a result: the BTC network was valued well over $1.1 trillion in April but has since tumbled down by 45% to today’s $533 billion, a level was last seen in December 2020.

The post BTC pumps $1,000, large-caps Cardano, ETH follow lead appeared first on CryptoSlate.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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