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Bitcoin breaks $50,000 while Cardano lags

Bitcoin breaks $50,000 while Cardano lags
September 14
10:27 2021

The crypto market has been pleased with its rapid growth in the past couple of months. According to econometrics, BTC has seen a resurgence of people holding it, which has driven the price as supply becomes scarce once again.

Moreover, there is also an increase in the crypto market, with the overall market capitalization reaching 2.45 trillion dollars. That is the closest the market has been to the peaks experienced in May of this year.

Bitcoin’s price in dominance

The original cryptocurrency remains king, and its growth is heading back into the positive.¬†Bitcoin’s price¬†hovered around the 50,000 dollar mark for long enough that analysts thought it would take a bit longer for BTC to break that number.

However, Bitcoin had no problem climbing over the threshold and reaching $51,700 before encountering some troubles. Several analysts pointed out that resistance was expected. Back in February of this year, the price of Bitcoin reached the same level before overcoming that band and settling in the 58,000 dollar range.

It soon followed a collapse, but it’s expected for Bitcoin to reach the same levels by the end of the year.¬†As of this writing, Bitcoin sits at $45,000 after reaching $52,000 earlier today. The drop is not unheard of as the market corrects itself from this mini bullrush that saw the toke surge above its expected resistance band.

That said, several indicators suggest Bitcoin price is poise to increase again.

The most significant bullish indicator came from old BTC holders. Back in 2017, most of the long-term Bitcoin purses sold their coins. That aided in its collapse. That was not the case this time around. Chain data shows how large institutions and investors have no flinch at Bitcoin price fluctuations. Every single transaction done on BTC involves new coins. The old ones remain put in their respective wallets, which, of course, helped in the rally.

The rise means that Bitcoin dominates the overall market cap by under 40%. Numbers that signal a power shift are coming as Altcoins start to prove their value and give investors reasonable options to expand their portfolios.

Cardano’s price on hold

On the other side of the spectrum, Cardano switched from buy to hold for many after breaking the 3 dollar mark earlies.¬†Cardano price¬†variations mean that people are looking at ADA’s 1600% YTD growth with caution.

The price of ADA hit a low of $2.70 before rising to $2.95 and then set back again in the $2.70 Р$2.85 range. That rise gave hope to investors that ADA is set to settle above the $3 mark in the near future. Cardano pricing and subsequent rise are attached to news that developers began upgrading the ADA blockchain. Upgrades started on September 2nd and are aimed at introducing smart contracts into the network.

Once completed, the Cardano Network will be able to compete with Ethereum while offering faster times.¬†The introduction of smart contracts on Cardano, or Alonzo Fork as it’s known, has been under the microscope recently. As the network gets ready to start implementation, the value of Cardano has increased.

Delays in delivery time reduced market value. And while the Alonzo Fork is still running on schedule, there are fears its scope won’t be as extensive as expected.¬†These fears stem more from scepticism than information. There are no signs that Cardano won’t be able to perform as expected.

A decrease in the Cardano price would become an invitation for potential investors to get into the coin before it settles over $3 once the fork is implemented and the system is in place.

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