Investing.com – has stabilized in the $ 47,500 area after falling below $ 46,400. The mother of all cryptocurrencies had come under mild downward pressure in the past few days after a failed attempt to break above the psychologically important mark of $ 50,000.
If Bitcoin succeeds in rising above the round mark, this would give the market the necessary confidence that the most important crypto currency in terms of market capitalization is in a second bull run this year after a sharp correction from May to mid-July to below $ 30,000, says Justin Giudici, Head of Product at Telos Foundation.
Bitcoin reached its record high of $ 64,700 at the beginning of April, but then fell by more than 50 percent in the following three months, marking its lowest level since the beginning of the year at $ 28,900 at the end of June. In the following weeks there was a consolidation near the lows until the last price rally observed started in the week of July 17th.
For Noelle Acheson, Head of Market Insights at Genesis, the $ 50,000 mark also has an important fundamental meaning. “At $ 50,000, BTC has a market cap of nearly $ 1 trillion. That is just the ‘right size’ asset for some of the big mutual funds. Doing the research and paperwork to get hold of smaller capitalization assets entering is just not worth your time. Either the position is too small to have any significant impact on the bottom line, or the position is large enough to move the market – neither of which is ideal, “she said in one Mail to Investing.com.
Solana takes off, Cardano recovers
When it comes to altcoins, there is not much going on on Friday, except for and Solana.
Similar to their lead wolf, the alternative cryptocurrencies have also lost a lot of their value in the last few days. for example, fell from around $ 3,360 to below $ 3,100. In the meantime, the ether price has recovered somewhat and is currently above $ 3,150.
Cardano, one after the other, reached and even overtook BTC in terms of Twitter mentions, also corrected significantly. After a quick dip below $ 2.50 yesterday, ADA recently gained some ground and is now back above $ 2.70.
The cryptocurrency ADA of the Cardano blockchain remains well supported, especially with a view to this. Analysts even see the possibility that Cardano could overtake the current leader in smart contracts, Ethereum, in the upcoming hard fork on September 12th.
“If the Alonzo upgrade is successfully implemented, it represents a potentially important milestone for Cardano and positions the platform as a direct competitor to Ethereum’s current dominance in the area of dApps and smart contracts,” said Josh Goodbody, COO at Qredo, the provider of decentralized Infrastructure and product solutions for managing digital assets, in an exclusive comment to Investing.com.
However, Goodbody also urged caution. Because “despite the progress made, the path to widespread acceptance of smart contracts on the Cardano blockchain remains long and difficult”.
According to the expert, the Ethereum blockchain can only overtake Ethereum if Cardano succeeds in fully exploiting the full potential of the semi-flexible Haskell programming language.
, Ripples, and were slightly up after their previous day’s losses.
has the other altcoins and is up more than 20 percent in the last 24 hours of trading. SOL has thus continued its recently started bull market and marked a new all-time high a few hours ago.
Although the cryptocurrency market has seen a mild correction in the past few days, the total market cap is still just over $ 2 billion.