The Bitcoin price is still below the USD 50,000 mark and is testing it. Many Altcoins were able to put in a solid or strong performance on Saturday.
Bitcoin price hit the daily high of $ 49,500 on Saturday. However, the Bitcoin price has not yet broken the USD 50,000 mark. In August the prices of many altcoins rose sharply as the BTC price rose by over 20% since the beginning of the month. Many of them were even able to significantly outperform the BTC course.
Altcoins are booming
While the Bitcoin price rose relatively slowly above the important resistance levels, the prices of many Altcoin-USD pairs increased by at least a few percentage points on Friday and Saturday. The Avalanche course (AVAX) increased by about 30% on Saturday. Since the beginning of the month, the AVAX price has even risen by almost 400%. In addition, the AVAX price is not far from its most recent all-time high. The price increase is also likely due to the fact that the project will offer a liquidity mining program for Curve (CRV) and Aave (AAVE). 180 million tokens will be made available to the program.
The Solana price hit a new all-time high of $ 81.25 on Saturday. The project is attracting more and more attention and has therefore become the tenth largest cryptocurrency (measured by market capitalization). At the time of writing, its market cap is $ 21.6 billion.
The Cardano price also hit a new all-time high on Friday ($ 2.58). As a result, ADA’s market capitalization has risen sharply. ADA is now the third largest cryptocurrency (measured by market capitalization) and has overtaken the Binance Coin (BNB) and Tether (USDT). Cardano will soon introduce smart contracts on the platform. That is probably one of the main reasons for the current bullish price trend. In addition, Cardano could replace Ethereum as the second largest cryptocurrency in the long term because of the new smart contract feature.
Bitcoin and Ethereum lead the market
On the next chart from Coinmarketcap you can see the market capitalizations of the various cryptocurrencies. Around 62% of the crypto market capitalization is still in Bitcoin and Ethereum. The other top 10 cryptocurrencies make up around 19% of the crypto market capitalization. The majority of the numerous other Altcoins (around 19%) have a rather small share.
The performance of Bitcoin and Ethereum will therefore still have a strong impact on market events and probably also the prices of mostly Altcoins. If the Bitcoin price breaks the USD 50,000 mark and validates it as support, then the prices of most Altcoins could also continue to rise, at least in the short term. If the USD 50,000 mark holds, then we could see a small altcoin season.
If the Bitcoin price should reach new record highs this year, then this will probably also be the case for many Altcoins. Since the market capitalization of these is lower and the volatility is higher, the prices of many Altcoins could show a strong performance in the next few weeks and months and outperform the Bitcoin price.
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