Bitcoin (BTC) Price Smashes Past $50,000, Altcoins Join the Party
The entire cryptocurrency market is bustling on a bullish sentiment recently. Bitcoin, the world’s largest cryptocurrency has smashed past the crucial resistance of $50,000. As of press time, Bitcoin (BTC) is trading 2.41% up at a price of $50,396 and a market cap of $945 billion.
Bitcoin has been aggressively rallying over the last few weeks, and in just over the last month, it has gained more than 60% of its price. The Bitcoin price rally comes on the backdrop of some improving fundamentals.
After falling to a multi-week low in June, the Bitcoin network activity has picked up once again. The signs of accumulation among institutions and whales are clear. Many financial institutions have been aggressively working around Bitcoin derivative products.
As Bitcoin leads the way, other altcoins have joined the party too. Cardano (ADA) has been the most discussed altcoin as it is currently trading an all-time high levels of $2.83 and a market cap of $90 billion.
Last week, Cardano surged all the way to become the third-largest cryptocurrency by market cap leaving behind Binance Coin (BNB). Over the last month, the Cardano (ADA) price has surged by more than 100% and its immediate next milestone looks to be $3.0.
The Cardano price rally comes surrounding the excitement of its upcoming Alonzo hardfork next month. The hardfork is likely to introduce a smart contract functionality to the Cardano blockchain.
This will help it emerge as a true Ethereum-killer and further help in expanding the network capabilities to DeFi and other crypto sectors like NFTs. During his recent AMA last Saturday Night, Cardano founder Charles Hoskinson noted that the biggest challenge the network is facing has been the network effects.
Hoskinson noted that they are willing to rush through to build the first-to-market products. Rather the Cardano developers’ team focus is on building deep academic rigour.
Hoskinson added: “This should be not controversial at all. This should be something that we all agree is probably a good idea given the complexity of the underlying protocol”.
Apart from Cardano, other altcoins are doing pretty well! Last week, Ripple’s XRP surged past all the way to $1. As of press time, Ripple’s XRP is 5% up trading at a price of $1.29 and a market cap of $59.71 billion.
Solana (SOL) and open-source blockchain project has been in the limelight off lately. The Solana token (SOL) price surged all the way to becoming the top ten cryptocurrencies by market cap. As of press time, Solana is trading at $73.30 and a market cap of $21.1 billion.