Over the course of this month, there were a handful of crypto assets and tokens that outperformed Bitcoin, recording major gains from 50% to 100% against the US dollar. As the latest digital currency news shows, cryptocurrencies related to some projects were first to flourish.
For instance, Enjin Coin (ENJ) managed to rise by more than 300% – mostly because of the reported partnership between Samsung and Enjin. According to one cryptocurrency trader known as Josh Rager, the price surge and newly established momentum of crypto assets may fuel Bitcoin in the near-term.
In such situation, traders tend to hedge their investments and cash out their returns from high-risk trades into Bitcoin, which may in turn push the price of the most dominant cryptocurrency. Over the past few weeks, Litecoin recorded a 25% increase while Enjin Coin surged by 375% and Kyber network rose by 92%.
These altcoins were very bright in their surge, recording gains in a short time frame. According to the CEO of Kyber Loi Luu:
“Cryptocurrency wallets like Enjin are an important gateway for people who are new to blockchain and cryptocurrencies, and this is one area Kyber has supported from the start. This successful integration with Enjin is a testament to how Kyber allows decentralized token swaps to be embedded into any wallet and Dapp for a seamless user experience.”
The stability in the price of Bitcoin has obviously allowed a lot of altcoins to surge in value and in future, the price of BTC could be the next to rise.
Tha analyst Josh Rager said:
“Current sideways BTC movement has allowed altcoins to have a nice run. Expecting altcoin profits to eventually move into Bitcoin for a push up in BTC price.
On the technical side, Bitcoin is testing the $4,000 resistance level and still maintains below that mark. However, until it crosses this mark and goes in the $5,000 range, traders have said that the asset could be vulnerable to a fall to the mid $3,00 region.
“A new week in Bitcoin – similar volume to last week, This line (log) which has acted as strong support previously and now as strong resistance on the first backtest. A second touch puts #bitcoin right above $4,000,” one trader wrote.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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