Bitcoin Reclaims $24,000; AVAX And XLM Soar After Robinhood Listing| Investor’s Business Daily

Cryptocurrencies saw a broad uptrend on lighter volume over the past 24 hours.


Bitcoin crossed the $24,000 level for the first time in August before U.S. markets opened Monday. The current level shows a 15% increase since its recent lows of $20,953 on July 26.

Trading was somewhat lighter at 26 billion compared to 30 billion the last time the coin hit the $24,000 mark in July, according to Coinmarketcap. The lower volume indicates a possible return to lower levels in the near term.

Ethereum and other altcoins are also trading higher over the last 24 hours, indicating that the reversal from July’s lows may be sustained if coins find key support levels and if volume gains some strength.

The price decline of Bitcoin this year has affected several crypto companies. Marathon Digital (MARA) announced a second-quarter loss of $191.6 million today. The company is in the business of mining Bitcoins and is sensitive to price volatility of the king crypto. Hive Technologies (HIVE), which posted a robust first quarter, will declare its current-quarter results the week of Oct. 3.

Altcoins Rise Steeply

Other prominent cryptocurrencies are also gaining. Ethereum also posted higher numbers and was trading at $1,785 — a 4% gain. Volume, which was lighter last week, was slightly higher: After reaching 19 billion on Aug. 5, it dipped to 10 billion. Today’s volume was 14 billion. The stable coins USDT and USDC were flat.

Binance coin rose 1.3% in 24 hours to $330.12. Binance has been gaining after its successful launching of Binance Staking some weeks ago. The exchange expanded its locked staking to Dogecoin, metaverse coin Decentraland and Litecoin.

Avalanche is up a 24% on higher volume after Robinhood announced that it has listed AVAX, an Avalanche coin, and another coin (Stellar XLM) on its platform. The coin reached an intraday peak of $30 on volume of 1 billion and has pared gains a bit. It is now trading at $28.60 on a volume of 966 million.

XLM is also higher and is trading at 13 cents on strong volume.

Other Cryptocurrencies On Watch

Elsewhere, Ethereum rival Solano rose 4% to trade at $42.50. Solano’s proof-of-history consensus mechanism reduces block time, beating Ethereum’s 13-second and Cardano’s 20-second records.

Another Ethereum competitor, Cardano, which runs smart contracts on the Ouroboros blockchain, has risen 2.4% and is changing hands at 54 cents. Cardano’s ADA is a staking token that also secures the network and enables transactions. Cardano’s proof-of-stake consensus seeks to improve Ethereum on several counts, including fees, transactions speeds and interoperability.

Both Cardano and Solana are on close watch as Ethereum moves to Ethereum 2.0 — its transition from proof-of-work to proof-of-stake, due September.

Polkadot is trading at $9.33 — a 5.8% increase in the past 24 hours. Polkadot helps secure transactions and the network that aims to allow interchain data and asset transfers through parachains. Like Cardano, it uses a proof-of-stake mechanism.

MANA, the native token of Decentraland, has also risen 1.7% to $1.10.

As several cryptocurrencies continue their reversal upward on lighter volume, retesting support levels remains a possibility. The larger market is in a confirmed uptrend; however continuing inflationary headwinds and the Fed Chairman Jerome Powell’s September meeting will determine price action in the crypto verse in the near term.


Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest

What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It

IBD Live: Learn And Analyze Growth Stocks With The Pros

MarketSmith’s Tools Can Help The Individual Investor

Looking For The Next Big Stock Market Winners? Start With These 3 Steps

Source link

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *