21.6 C
27 September 2023
Image default

Polkadot Ahead of Chainlink on the Top 5: Bitcoin Struggles At $11,500 (Today’s Market Watch)

The primary cryptocurrency looks weak as it couldn’t fully recover from its recent losses. Polkadot continues with its price pumps and is up by over 100% in the past week.

Although Bitcoin and most larger-cap alts haven’t recovered from yesterday’s losses, the majority of them have stopped freefalling. At the same time, the low-cap altcoin market remains highly volatile, with some impressive double-digit gains.

Polkadot And Low-cap Alts Rejoice

Most of the larger-cap alternative coins continue to move indecisively for the most part. Over the past 24 hours, the majority failed to make a difference and are either slightly in red or green.

The top ten cryptocurrencies see two major exceptions to this trend – Chainlink and Polkadot. LINK is up by 3% to above $15, while DOT doubles-down on its impressive performance as of late with a 20% increase in the past 24 hours to $6.70. As such, DOT has become the 5th largest cryptocurrency by market cap, according to CoinGecko, overcoming LINK.

Cryptocurrency Market Heatmap. Source: Coin360.com

Nevertheless, the number of lower-cap alts in the green is higher, and the leader is CELO. The Celo platform, designed to allow sending, receiving, and storing stablecoins running on Celo via smartphones, will have its native cryptocurrency listed on Coinbase Pro starting on August 31st. As it typically happens, the news impacted CELO’s price with a 43% price surge.

Another massive gainer is bZx Protocol (27%) allowing BZRX to enter the top 100.You Might Also Like:

BitcoinBounced Off $11,100

Bitcoin dipped to $11,100 during the most recent price drop, but bulls regained control and drove the asset upwards. In the next few hours, BTC reached $11,400 before attempting to overcome $11,500.

The bears intercepted the price pump at that point and pushed the primary cryptocurrency towards its current level of $11,350. The technical aspects indicate that BTC can rely on $11,100 as support again if needed, followed by the psychological level at $11,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

And while BTC’s price has displayed rather adverse developments in the past week, news broke that one of the largest asset management companies, Fidelity Investments, plans to launch its first Bitcoin-only fund called Wise Origin Bitcoin Index Fund I.

A filing with the Securities and Exchange Commission (SEC) revealed that the fund will be available to qualified investors, such as family offices, institutions, and registered investment advisers.SPECIAL OFFER (Sponsored)Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

News source

Related posts

Bitcoin Billionaire Chamath Palihapitiya Explains Strategy for Attaining Financial Freedom


Morgan Stanley Plans on Purchasing More Bitcoin in 2022, Data Analysis


Bitcoin bull Jack Dorsey keeps role as Twitter CEO following board review