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Cardano Steals The Spotlight As It Became 4th Biggest Crypto

Stefan by Stefan
07/02/2021
in Altcoin News, Cardano News
Reading Time: 2 mins read
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Cardano’s Vasil Upgrade , hoskinson, ioh, fork
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Cardano steals the spotlight as it became the fourth biggest cryptocurrency on the market while BTC inches away from a new all-time high as we read further in today’s Cardano ADA news.

After another increase which took BTC to $41,000, the crypto slightly retraced below this level and the crypto market cap reached an ATH above $1.2T but retraced when most altcoins started correcting slightly. Cardano is the main exception with a 20% surge to a new 3-year high. The number one cryptocurrency was increasing slightly since the Monday dip until it broke above the $37K level a few days back. The bulls pulled it together and drove the price above $40,000.

Crypto market overview
Cryptocurrency Market Overview. Source Quantify Crypto

Bitcoin reached a new intraday high of $41,000 with the cryptocurrency coming just $1000 away from its ATH of $42,000 but the bears intercepted the move at that point and didn’t allow for another increase. BTC started to retrace to an intraday low of $38,000 but it has then bounced off and reclaimed $39,000. Looking from a technical perspective, BTC will have to overcome the resistance lines of $40,000 and $41,000 before challenging the $42,000 level.

Bitcoin climbed above the $38,000 resistance but had a hard time staying above $40,000 and the price was trading near the $38,600 support but it is well above the 100 simple moving average. There’s also a key bullish trend line forming with the support near $38,650 on the 4-hour chart of the pair that could either decline towards $36,000 or climb back above $40,000.

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The support levels at $38,550 and $38,000 could help the case if the price drops again. Also, most of the alternative coins marked major gains in the past few days which resulted in a new all-time high for ETH, Binance Coin, and Polkadot. The total market cap went for a record of $1.220 trillion as well.  Things changed to some extent in the past day and ETH declined by 2% with it being set at $1650 while Bitcoin Cash is below $460. Cardano steals the spotlight after it became the 4th biggest cryptocurrency despite its peers declining from 2% to 4%. ADA is the biggest gainer in the top 10 with a massive surge of 23%.

BTCUSD
BTCUSD. Source TradingView

Chainlink dropped by 4% and Litecoin as well by 4%, Polkadot by 2% while XRP and BNB recorded minor gains. More gains were seen from Dogecoin 21%, Avalanche 16%, Decenrtaland 30%, and Elrond 14%. On the downside, Nexo crashed by 11%, 0x by 9%, Ampleforth by 8%, and Ren dropped by 7.5%.

 

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: 4th biggest cryptoadabiggest cryptocurrencyCardanocardano adacardano steals the spotlight
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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