Cardano in focus
While the market leader is defending its gains at the USD 11000 mark, the Cardano community is eagerly awaiting the long awaited Shelley Hard Fork. After the update, staking pools can be registered and the block chain will be much more decentralized. A step that Ethereum has been working towards for months. While IOHK boss Charles Hoskinson and most of the Shelley developers are going on their well-deserved vacation after the Hard Fork, the Voltaire team is supposed to work eagerly on the next Cardano project. Cardano could become very dangerous for Ethereum in the coming months. We take a look at the current market situation.
BTC maintains level
The cops can defend the gains of the previous days on Wednesday. At the time of this article, the No.1 crypto currency is at a rate of 11030 USD, which is a daily gain of 1.64%. Meanwhile, the market cap is at just under USD 203 billion, which means that 62.5 % of the total market capitalization is in BTC investments. After the turbulent bull run of the previous days, it currently looks as if the trend line at USD 11000 could mutate into a new support area. Upwards, the next resistances are at 11200 USD and 11400 USD.
Altcoins catch up
The big old coins can recover in the shadow of the first mover and record their own price gains. After the Bitcoin Forks had already pumped up yesterday, on Wednesday coins like EOS (+ 9.28 %), Das (7.77 %) and TRON (+ 5.44 %) are going Turbo. The alternative assets can regain important market shares, as projects such as Ethereum, Cardano and Chainlink are recommended as possible driving forces. Investors are likely to focus on the Cardano project towards the evening.
Shelley is on her way
Shortly before midnight, the wait is over: The Shelley update is in the starting blocks and the community is eagerly awaiting the Hard Fork. In terms of course technology, ADA has been performing in a league of its own for weeks. At the time of writing, the “third generation block chain” is ranked 7th in the crypto charts at a price of 0.14 USD. Shelley is a clear sign in the direction of Ethereum, where there is still no concrete date for the long awaited change from Proof of Work to Proof of Stake. The hard fork is scheduled for 23:44.
It was worth the wait
For weeks the Bitcoin fluctuated in the range between USD 9000 and USD 9300. The dependence on the traditional markets was clearly noticeable and independent price outbreaks of individual Altcoins were a real rarity. However, it now looks as if the wait has been worthwhile for investors. The No.1 crypto currency is attracting new investors to the market, the total market capitalization is currently around 325 billion USD, the DeFi market is booming and the mainstream is increasingly reporting on crypto space. In short: optimal conditions for a long-term bull run!