The Cardano course breaks a new record after a successful smart contract debut, while Bitcoin breaks the sound barrier at 50,000 US dollars. The market update.
The crypto mark has found its way forward. Total market capitalization has increased five percent to $ 2.3 trillion in the past 24 hours, shortening the gap to the May record high to $ 300 billion. The Bitcoin price is also taking off with a plus of five percent and is rising by the deadline of the 50,000 US dollar mark.
The spark also spreads to the altcoin market. Ethereum (ETH) is gradually shoveling its way to the 4,000 mark with a price increase of six percent. At the time of going to press, the second-largest cryptocurrency was trading at $ 3,745, up 16 percent for the week. Binance Coin (BNB) is the only top ten asset that falls a little behind with a minus of 2.3 percent on a weekly basis. But the exchange token has also increased by around five percent in the last 24 hours, as has Polkadot (DOT).
XRP climbs by at least four percent, while Solana (SOL) adds two percentage points and kills the bird again on a weekly basis. In the past seven days, the cryptocurrency has risen a whopping 61 percent in value. Dogecoin (DOGE), which is storming it with an increase of eight percent, is only outdone by Cardano. The ADA price steals the show again and leaves a fresh record high of 3.09 US dollars with a daily plus of 10 percent.
Smart contract demonstration in the Cardano testnet
The wait will come to an end on September 12th, when the Cardano mainnet will carry out its most important hard fork – Alonzo – and thus be upgraded with smart contracts. Preparations for the event, which is supposed to reshuffle the cards at the DeFi market and put Cardano in an attack position on Ethereum, have been in full swing for months. The last test is currently taking place in the Testnet, which has been successfully supporting smart contracts since yesterday, such as the Cardano developer company IOHK via Twitter communicated.
The hype could hardly be greater. The ADA price has catapulted itself from one to the next record high for weeks. In a 30-day comparison, the cryptocurrency gained an astonishing 133 percent. And there is still no end in sight to the Cardano rally. On the contrary, the closer the fork gets, the more investors want to secure a piece of the pie. The weeks after the last act of the Goguen era are likely to be far more exciting, when it becomes clear whether the rally was built on sand or the fertile DeFi ecosystem that Cardano founder Charles Hoskinson prophesied is being developed.
Massive Bitcoin outflow at Coinbase
The first signs of an upward trend can also be observed in the Bitcoin price. The market dominance, i.e. the percentage of Bitcoin market capitalization in total market capitalization, is still a measly 42 percent, which clearly shows the Altcoin hype of the last few weeks. The fact that investors are filling their wallets with the key crypto currency is evident from the rapid withdrawals on Coinbase. Like Glassnode writes, there have been major sell-offs on the crypto exchange in the past few days, which has pushed stocks to such a low level as has not been measured since December 2017.
Coupled with falling spending, Bitcoin also has a bullish outlook for the coming weeks. In addition, the hash rate is visibly recovering from the Chinese mining ban. In around a month, the computing power in the BTC network has increased by 91 percent to currently 117 EH / s.