Cardano price cracks a new record high after successful smart contract debut, while Bitcoin breaks the sound barrier at $50,000. Market Update.
The crypto market has found forward momentum. Total market capitalization is up five percent in the last 24 hours to $2.3 trillion, narrowing the gap to the May record high to $300 billion. The bitcoin price also takes off with a plus of five percent and rises by a hair’s breadth above the 50,000 US dollar mark at the time of going to press.
The spark is also spreading to the altcoin market. Ethereum (ETH) is gradually shoveling its way to the 4,000 mark with a six percent gain. As of press time, the second-largest cryptocurrency is trading at $3,745 with a notable weekly gain of 16 percent. Binance Coin (BNB) is the only top ten asset that’s down a bit for the week, down 2.3 percent. But the exchange token is also up around five percent in the last 24 hours, as is Polkadot (DOT).
XRP is still climbing four percent, while Solana (SOL) is up another two percentage points, once again taking the cake on a weekly basis. In the last seven days, the cryptocurrency is up a whopping 61 percent in value. Dogecoin (DOGE), which is storming away with an eight percent gain, is only trumped by Cardano. The ADA exchange rate is stealing the show from everyone again, leaving a fresh record high at $3.09 with a one-day gain of 10 percent.
Smart contract showdown on Cardano testnet
On September 12, the wait will be over when the Cardano mainnet undergoes arguably its most significant hard fork – Alonzo – which will see it upgraded to include smart contracts. Preparations for the event, which is expected to reshuffle the cards in the DeFi market and put Cardano in attack position to Ethereum, have been in full swing for months. The final test is currently taking place in the testnet, which has successfully supported smart contracts since yesterday, as the Cardano developer company IOHK announced via Twitter.
The hype could hardly be greater. For weeks now, the ADA price has been catapulting from one record high to the next. In a 30-day comparison, the cryptocurrency has gained an astonishing 133 percent. And there still seems to be no end in sight for the Cardano rally. On the contrary, the closer the fork gets, the more investors want to secure themselves a piece of the pie. But the weeks following the final act of the Goguen era are likely to be far more exciting, when it will become clear whether the rally was built on sand or the fertile DeFi ecosystem is washing up that Cardano founder Charles Hoskinson <a href=”https://www.btc-echo.de/news/cardano-gruender-hoskinson-takes-the-mouth-full-122011/” target=”_blank” rel=”noopener”>prophecy.
Massive bitcoin outflow at Coinbase
The Bitcoin price is also showing the first signs of an upward trend. The market dominance, i.e. the percentage share of Bitcoin market capitalization in the total market capitalization, is still at a measly 42 percent, which clearly reflects the altcoin hype of recent weeks. However, the fact that investors are once again filling their wallets with the leading cryptocurrency can be seen in the rapid withdrawals to Coinbase. As Glassnode writes, the crypto exchange has seen large sell-offs in recent days, pushing holdings to levels not measured since December 2017.
Coupled with falling spending, Bitcoin is also drawing a bullish outlook for the coming weeks. In addition, the hash rate is visibly recovering from the Chinese mining ban. In about a month, the computing power on the BTC network has increased by 91 percent to currently 117 EH/s.