Bitcoin Reclaims $50,000, ADA Achieves New Milestone
After losing more than 50% off its previous peak in the wake of a 3-month market lull, king of cryptocurrencies, Bitcoin has rebounded to a $50k price mark, also a three-month high for it. The flagship cryptocurrency tumbled to a bottom of $28k after grazing an ATH of $65k some weeks before the downtrend. Bitcoin is not alone in the ride to the top; ADA, native cryptocurrency of the largest proof-of-stake blockchain, Cardano, has also attained a new peak of $2.84.
In its impressive rally, Bitcoin’s market capitalization is nearing $1 trillion overall, which it had initially surpassed after reaching $65,000. Currently, its market cap is positioned at $943 trillion, as per data from CoinMarketCap. Even at $50k, Bitcoin is still 22% short of its previous high, which indicates that the market is technically still bearish.
Market Sentiment Tilts to Greed, Correct Expected
According to the Fear and Greed Index, market sentiment is tending towards greed as investors keep buying Bitcoin and other crypto assets due to the Fear of Missing Out (FOMO). In light of this, a correction is likely to occur next month, before we witness another massive ride to the top, which perhaps may see Bitcoin achieve the $100k milestone, and altcoins attain new ATHs, respectively.
Bitcoin is trading at $50,130 as of press time, while largest altcoin is exchanging hands at $3,330, having gained 2% on the day. Binance Coin (BNB) is in the green as well, with a 5% gain on its price- $479.
Cardano (ADA) Cancels Last Week’s High, Creates New High
Meanwhile, ADA has been on a bullish streak since last week after Cardano founder, Charles Hoskinson announced a timeline for the blockchain smart contract functionality launch. According to him, the project entitled, ‘Alonzo,’ will have its mainnet fully deployed into the blockchain by September 12. This announcement has been touted to be the driving force behind ADA’s sudden rise, even to the point of registering a new peak. As of last Saturday, ADA was only at $2.55, also a new high for the token. ADA has gained 7% into the new week, at a price of $2.80.
Proposed as a strong rival to Ethereum, Cardano blockchain used to be the subject of ridicule among Ethereum community members for being a vaporware blockchain or having no tangible use case. However, apart from strengthening the blockchain, Alonzo is set to spark a renewed vigor for the price of ADA in the coming months.
Thousands of ADA holders and investors are highly anticipating Alonzo’s launch as evidenced by the increase in the number of ADA addresses in staking pools. Alonzo will introduce new use cases to the blockchain and attract developers to create DApps on it, as noted by IOHK, Cardano’s parent company.
In a related development, the entire market capitalization is back above $2 trillion due to the rally spearheaded by Bitcoin. Its last high was $2.5 trillion in May.
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