From the slipstream of the Bitcoin
The bulls confirm the strong start to the week and many Altcoins can make capital out of the current situation. Especially Cardano and Chainlink stand out from the masses. Both Coins are seen as the hope for a new Altcoin Season. We take a look at the current market situation.
Bitcoin consolidates on Tuesday
At the time of writing, the market leader is quoted at USD 9262, which represents a daily gain of 0.06%. This means that the bulls can defend the previous day’s gains and rely on the support at USD 9200. From a bullish perspective, the resistance at $9300 and $9400 is now moving into the focus of investors. At the moment, the trading volume is at USD 15.7 billion.
Cardano overtakes Litecoin
Our summer forecast seems to be confirmed. Cardano conjures up the next impressive performance on Tuesday, securing 7th place in the charts. Currently, the price stands at USD 0.11, which corresponds to a daily gain of 14.10%. Many experts predict a rosy future for the “third generation block chain”. However, only a few experts have expected such a rapid jump above the 1200 SAT mark. As a result, Bitcoin SV is even the next competitor within striking distance.
Shelley comes in July
If you take a look at the roadmap of Cardano, you might notice that with the Shelley update another highlight falls on the July month. Cardano CEO Charles Hoskinson repeatedly emphasizes that Cardano is at a whole new level in terms of code. At the “Cardano Virtual Summit 2020” Cardano flexed its muscles last week. In the coming months, numerous updates such as “Atala PRISM” and “Voltaire” are on the agenda. It is quite possible that Cardano is only at the beginning of a unique success story.
With a price gain of a whopping 20 percent, Chainlink is shooting to a new all-time high of USD 5.86. This puts LINK in 12th place in the crypto charts. Behind Chainlink is a decentralised Oracle service that pursues the goal of connecting smart contracts on the block chain with the real world. The project makes use of so-called Oracle Contracts. Through “Oracles” it is possible to feed external data records into the block chain. The currency for carrying out these data transactions is called LINK. Chainlink would like to support, besides Ethereum, other smart contract service providers and relies on cross-chain transactions.
Technology as the main argument for long-term bull run
The technology of Chainlink is based on the so-called on- and off-chain components, which fulfill different tasks. The on-chain components link the “Oracles” in the Chainlink system with the Smart Contracts. In a second step, the Oracles send the data records from the Chainlink block chain to other Smart Contracts on different block chains. The off-chain components of Chainlink contain the respective nodes in the ecosystem, which collectivise information from databases and save it in Oracle contracts. In the past, Chainlink has attracted attention through cooperation with Google, among other things.