Ethereum and Co record price gains
The alternative assets can use the Bitcoin’s slipstream to correct the previous week’s price drops. If the market leader overcomes an important hurdle in the coming hours, this trend could even be extended further. At the same time, the Bitcoin Difficulty reaches a new record level. We take a look at the current events in the crypto space.
The alternative assets achieve a respectable recovery at the start of the week. Ethereum (+ 5.10 %) manages to break through the USD 400 mark (current price: USD 407.27), thus underlining its ambitions. Due to the growing DeFi market and the successful testnet launch, the largest Altcoin is seen as a beacon of hope for a new Altcoin Season. And indeed, the Bitcoin Dominance Index drops to 58.9% on Monday. Accordingly the Altcoins continue to scratch at the sovereignty of the First Mover. For Ethereum, the resistances at USD 408 and USD 420 are now moving into focus. On the downside, the new support lines are at USD 400 and USD 382.
On Monday Chainlink manages to jump back to position 5 of the crypto charts. Thus the Oracle-Coin overtakes Bitcoin Cash with a price increase of 3.09 %. Currently the LINK price is 15.51 USD, the market cap is approx. 5.4 billion USD.
Cardano falls out of the Top 10
After the successful Shelley update, Cardano users started into a new era with staking. However, the Blockchain of the third generation cannot reflect this through the course. Thus ADA falls out of the top 10 of the crypto charts today, Monday after a long time. Currently the coin is at a price of 0.125 USD. In general, Cardano (ADA), Binance COIN (BNB) Crypto.com (CRO), EOS (EOS) and Tezos (XTZ) are competing for a coveted place in the Top 10.
What does the market leader do?
At the time of writing, Bitcoin is quoted at 11799 USD, which corresponds to a daily growth rate of 1.81%. After resistance at 11800 USD, the bulls are heading straight for the important 12000 USD mark. On the downside, the next supports remain at 11600 USD and 11400 USD. Again and again the BTC bulls had to turn around at the 12000 USD mark. A sinking 24-hour volume could mean that there is currently a lack of purchasing power for a successful attack. However, another value shows how strongly the Bitcoin network is currently positioned.
Bitcoin Difficulty reaches all-time high
The Difficulty indicates the degree of difficulty in mining the coins. During the process, the miners have to solve various arithmetical problems. The higher the difficulty level, the more difficult it is for the miners to find a block. In general, a high level of difficulty is a sign of the good security status of a network. Due to halving events and increasing difficulty, many miners have to calculate exactly which coins they will mine in the future. According to an article from cryptonews.com, the Difficulty rises to a new top value of 17.45 T on Monday.