NS Cryptocurrency The market pulled hard yesterday and many prices rose just as quickly. Total market capitalization rose to over $2 trillion for the first time since mid-May. After these big BTC increases among others, a small correction usually follows and we saw that happen last night and again this morning. Total market cap fell to $1.94 trillion this morning.
After a week of strong rise, the current rise of Bitcoin to cool down for a while. Despite multiple attempts yesterday, Bitcoin was unable to jump right out of the area just above $46,000. At the end of yesterday afternoon, a high of $46,700 was reached, but then the price of Bitcoin fell and reached $45,500 last night. The price then briefly recovered above $46,000, but in the early hours of this morning, the price of Bitcoin dropped again, dropping below $45,000 at the time of writing.
Despite this, it is very likely that this $45,000 will hold as support and that Bitcoin will soon resume its rally. If the support does not hold, Bitcoin is likely to drop to $43,000 or even $40,000. If bitcoin continues higher, we could see another $50,000 this week, but that is far from certain and there is likely to be a lot of resistance there. The price of Bitcoin is expected to reach the so-called next Friday golden cross Forms, so when 200 days moving average It cuts the 50-day moving average and is usually a file rising Signal:
new #BTC The Golden Cross is still on track to happen on FridayBTC dollars # encrypt # bitcoin pic.twitter.com/4fd4JNLurM
– Rektcapital August 11, 2021
Analyst Willy Woo notes that the Bitcoin network is currently growing faster than ever:
Users on the Bitcoin network are now growing at the fastest rate ever.
1.2 million users added in the last 30 days.
It does not include off-chain users on exchanges which typically see up to 3 times that number. pic.twitter.com/pcTf2gWWfb
– Willy Woo (woonomic) August 11, 2021
Ethereum (ETH) It is still strongly pegged to Bitcoin at the moment. Ether price made two more attempts to break yesterday, but it encountered a very significant resistance around $3,265. At the beginning of the night, the price briefly recovered from $3,165 to $3,235, but this morning Ether has also caused a significant drop to the bottom and is even harder to fall than Bitcoin. However, it appears that the support around $3,100 is holding for the time being and we may now see a recovery.
Cardano (ADA) It rose sharply yesterday, briefly reaching $1.88 yesterday afternoon, but also fell nicely this morning. ADA came in briefly at $1.74, but it looks like the price may start to rise again.
Ripple (XRP) The price jumped slightly yesterday, hitting $1.05 at the end of the evening, the highest level since early June. XRP price has also corrected slightly lower, but barely compared to the rest of the top 10. XRP briefly reached $0.96 this morning, but is now above $1.00, which has lifted the price by as much as 14% today. The reason for this increase appears to be related to the following news, but more on that later on Crypto Insiders:
We are excited to partner with GME Remittance to accelerate and scale payments from South Korea to Thailand, building on RippleNet’s momentum in the Asia Pacific region where transactions are growing 130% year over year. https://t.co/aDeceLNIZY
– Ripple (@Ripple) August 11, 2021
Outside the top ten, the cryptocurrency that has surged the most in recent days is now correcting its toughest drop. Elrond (ELGD) is 6% in minus, flow (FLOW), internet computer (ICP), helium (HNT) and axie infinity (AXS) lose about 8% to 9% of their value. Ravencoin (RVN) is 11% in minus and safemoon (SAFEMOON) is up 13%.
In contrast, polygon (MATIC) is still near (NEAR) and tron (TRX) 9% is in plus plus, klaytn (KLAYTN) 11%, bittorrent (BTT) 14% and xdc (XDC) 26%. Iotex (IOTEX) price is up 29% again and IOTEX price is now up at least 400% in just a day and a half.
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