Altcoin with nice wins
Ethereum is approaching its annual high with big steps and thus provides hopes for an Altcoin Season. The BTC Dominance Index is currently only at 57%, although the market leader can also make profits at the start of the week. Further down the line, Cardano is launching a new attack on the coveted Top 10, and we are taking a close look at the current market situation.
What does Bitcoin do?
At the time of this article, BTC is quoted at 11741 (+ 0.74 %) and has a market capitalization of approximately USD 217 billion. This corresponds to a BTC Dominance Index of 57 %. The alternative assets continue to capture important market shares and thus set an exclamation mark in the direction of Bitcoin. The latter continues to struggle with the resistance at 11800 USD. While rising trading volumes give hope that the bulls will get away with the impending attack, the USD 12000 mark still represents a very large hurdle. On the downside, the next support lines are at 11600 USD and 11400 USD.
Ethereum lets the muscles play at the beginning of the week. With an upward trend of 3.11 %, the Smart Contract Coin is approaching its annual high of USD 444. At the moment the price is at a value of USD 437 and the market cap is around USD 50 billion. The booming DeFi market and the upcoming Ethereum 2.0 milestones speak for a long-term encapsulation from Bitcoin. Whether ETH can be the driving force for a new Altcoin Season at the same time remains questionable. In terms of charts, the leading Altcoin has in any case recovered from the setbacks of the previous week.
Cardano before comeback in the Top 10
With a pumping rate of a respectable 7.69%, Cardano once again has ambitions of reaching a top 10 position. After the successful Shelley update, the coin climbed to 5th position in the crypto charts in July, before Chainlink drew attention to itself with an amazing bull run. A look at the roadmap of the “3rd generation Blockchain” shows that Charles Hoskinson still has several plans for the year 2020. The staking program is finding more and more interested parties and a Coinbase listing in 2020 is considered likely.
UMA + 42 %
The decentralized financial platform UMA reached a new all-time high of USD 22.27 on Monday. On the in-house website the project is described as follows: “UMA is designed to drive financial innovation made possible by illicit public block chains like Ethereum. Using concepts borrowed from Fiat financial derivatives, UMA defines an open source protocol that allows any two counterparties to design and create their own financial contracts. But unlike traditional derivatives, UMA contracts are secured by economic incentives alone, making them self-assertive and universally accessible”. After today’s pump, the coin positions itself in 22nd place.