Bitcoin led the charge higher for the world’s largest cryptocurrency market, which hit a fresh record high for the year on Tuesday. Bitcoin took a dip following a bitcoin cash price crash and a stellar performance by Ripple, which added $1 billion in market cap and pushed its XRP price higher by more than 10 percent.
Cryptocurrencies are still on the rise, and investors are flocking to the top currencies and tokens. Yesterday, Cardano (ADA), Dogecoin (DOGE), and Chainlink (LINK) posted gains of more than 3.8% each to lead the market. The majority of top-listed coins and tokens are fortified by the recent addition of Bitcoin SV (BSV) to the Binance exchange. (Protip: Binance is our preferred exchange because it offers the best prices on the top coins and tokens.)
While Bitcoin (BTC) and Ethereum (ETH) recover from last weeks correction, cryptocurrencies that built on the Blockchain are enjoying an uptrend. Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK) and many others have seen their value rise in recent days.. Read more about chainlink cardano partnership and let us know what you think.
After months of ‘ranging,’ crypto markets witnessed billions of dollars in gains Monday morning, according to data from various sources.
Bitcoin, the world’s most valuable cryptocurrency by market capitalization, led the surge, jumping more than 10% from $35,000 to $38,000 and reaching as high as $39,000 before a short pullback.
As of Monday morning, Bitcoin is trading well above its 34-period moving average (a common measure used by traders to identify market trends based on historical asset prices), but has witnessed selling around the $38,000 ‘resistance’ level. Furthermore, the $40,000 threshold remains a stumbling block.
BTC/USD image courtesy of TradingView.
Dogecoin and Cardano are on the rise.
Large-cap cryptocurrencies like Cardano, Dogecoin, and Chainlink followed and led the price charts with mid-double-digit percentage increases as a result of Bitcoin’s rise. As a result, as of press time, the fifty biggest cryptocurrencies (by market size) were all up by double digits.
At press time, decentralized oracle service Chainlink was up 12%, from $16.62 to $18.86, with meme token Dogecoin (+13 percent, from $0.19 to $0.22) and proof-of-stake blockchain platform Cardano (+11 percent, from $1.22 to $1.37) following closely behind.
BTC/USD image courtesy of TradingView.
XRP (+9%), Polkadot (DOT; +0.3%), Bitcoin Cash (BCH; +11.3%), and Ethereum Classic (ETC; +13.3%) were among the other large-cap market leaders.
Is Amazon interested in purchasing Bitcoin?
On Twitter, several market watchers connected the movements to ‘insider’ claims that global online marketplace Amazon plans to incorporate Bitcoin payments into its services by 2022, as well as create its own currency. However, at the time of publication, these claims were unproven.
“It all starts with Bitcoin – this is the crucial initial step of this crypto endeavor, and the command comes from the top… Jeff Bezos personally.” https://t.co/vyAvu0CPc2
July 25, 2021 — Will Clemente (@WClementeIII)
Meanwhile, not all dealers were successful. Nearly $1 billion in ‘short’ transactions—individuals wagering on a market decline—were liquidated this morning, according to data from market tool Bybt, with $480 million coming from Bitcoin trades alone.
Then there came the strange. On Binance’s futures markets for Bitcoin, the price soared to as high as $48,000, potentially liquidating hundreds of traders who had set their stop losses considerably higher than current levels.
I just awoke…
July 26, 2021 — Nyuu (@NyuuRoe)
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Cardano (ADA), Dogecoin (DOGE), and Chainlink (LINK) have led gains as the overall cryptocurrency markets continue to rebound. After dropping over 80% from their all-time highs in mid-January, crypto markets have since rebounded sharply.. Read more about should i buy cardano or chainlink and let us know what you think.
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