Over the past 24 hours, the bitcoin rate has returned above $ 4,000, while altcoins, including Cardano (ADA) and EOS, have risen by more than 10% per day. Many tokens and cryptoactives, including Nuls, Wanchain, Ontology, Crypto.com, OmiseGo and others rose 5% -15% against bitcoin and the dollar, showing strong momentum.
On Wednesday, the well-known crypto analyst “The Crypto Dog” said in an interview with CCN that, despite the unexpected decline in Bitcoin towards $ 3,900, the power of altcoins could allow the rest of the market to stay “afloat”. Although some technical analysts say they are optimistic about the medium-term outlook for the cryptographic market even if Bitcoin drops to $ 3,500, a trader known by the name Mayne believes that it will be critical for Bitcoin to protect the support level by $ 3,900.
The overall increase in the cost of cryptocurrency for the period while Bitcoin was in the side, suggests that there is a high probability of the flow of funds from Bitcoin into altcoins. CEO of Three Arrows Capital, Su Joo said that about $ 6 billion are now in crypto-trading, in stablecoin and crypto funds.
The progress of the Cardano roadmap, coupled with the investors’ expectation of placing the ADA at Coinbase, probably fueled the short-term ADA rally. Over the last month, the ADA rate has risen from $ 0.040825 to $ 0.065987, thus, the increase was more than 61% against Bitcoin and the dollar. EOS, the fifth largest coin in the world by market capitalization, also showed an impressive 30% rally during the last 3 weeks. It may be associated with an increase in the number of decentralized applications (Dapps) on the network.