TL; DR failed
- The price of Bitcoin remains at around $ 59,000, with no obvious signs of failure.
- Atrium stays above $ 4,300 because Altcoins turn slightly red overnight after recovery.
- Elrond eGold (EGLD) crosses $ 400, Avalanche (AVAX) and GALA continue their dream trend.
The digital currency market is a relatively new concept in the global economy. However, its increase in recent years has led to the widespread acceptance and appreciation of several cryptocurrencies such as Bitcoin (BTC) and Atrium (ETH). Investors are paying attention to the potential of the cryptocurrency world and investing more money in important projects. A good example is Bitcoin, which grew by a few cents and provided a staggering profit margin for its early investors.
However, the crypto market is much larger than Bitcoin because there are more than 14,500 cryptographic tokens worldwide. Bitcoin has strong market power and influence because its market dominance is 42.2%. But several other coins are in the spotlight through their huge achievements.
Bitcoin remains below $ 60,000
As a leader in the digital currency market, Bitcoin offers significant performance benefits. Just a few weeks ago, the coin surpassed its previous ATH. The rest of the market also had a bullish outlook at the time. However, in the correction phase, bitcoin fell to a low of $ 55,000. Even after making a return, Bitcoin cannot cross the $ 60,000 mark. It has been stuck for about $ 59,000 for some time.
Bitcoin must cross the $ 60,000 psychological threshold to help the rest of the market gain more stability and calm. The chart below shows the price path of Bitcoin in the last three days, that Bitcoin can not exceed $ 60,000 even after being suspended around the point. At the time of writing, bitcoin is up just over $ 590,50. Its 24-hour trading volume also fell to $ 26 billion.
Atrium is over $ 4,300, but Altcoins remain undecided
Atrium is the second largest cryptocurrency token and the leading Altcoin in crypto space. The coin has made significant progress recently as more users and investors use its blockchain protocol. The Atrium network has several uses, making it one of the most exciting cryptography projects. Its market dominance is 19.5%, while the cost of ETH gas is 62 Gwei.
Recently, Atrium approached the $ 5,000 mark for the first time. Its new ATH also has a positive impact on the rest of the market. Coins also grew in market value and trading volume. Also, investors are still showing more interest in tokens. However, the coin fell below $ 4,000 in the recent fall.
In recent hours, ETH has grown to cross the $ 4,300 mark, but has remained stagnant there. As the chart below shows, ETH failed to cause a clear failure. But since the coin remains above $ 4,000, it can be considered a safe haven because the margin of the downtrend is relatively small from now on.
Source: Trading View
Altriquins can also rest when Atrium takes a step forward. Several altcoins remain undecided because they have not been able to form a clear pattern. Bainance Quinn (BNB), Solana (SOL) and Cardano (ADA) did not fluctuate significantly. Ripple (XRP) and Polkadot (DOT) remained at $ 1.07 and $ 41.50, respectively. These coins are significantly lower than their value last week, but for now, they have maintained their position at a fixed price. A possible uptrend for Bitcoin or Atrium could boost these coins for good performance, but until then, there is no visible price path for these Altcoins.
Shiba Inu (SHIB) and Dogecoin (DOGE), on the other hand, have declined. SHIB has reached $ 0.000046 and DOGE is below $ 0.23. The outlook for both of these coins does not look good, and they must have great performance to take a step forward.
AVAX is still at the top. EGLD, GALA, and CRO made great strides
Even in this uncertain and reformed market, Avalanche (AVAX) has been able to stay on top. The Avalanche project has seen a massive increase in activity as AVAX has grown on its network. Experts predicted that AVAX would exceed $ 100, but it exceeded all expectations made about itself. Not only did AVAX cross the $ 100 mark, it made sure it would never look back. The coin is over $ 130, which is currently worth $ 138. The chart below shows how the avalanche has continued to grow over the past few days. Recent improvements have had no effect on AVAX, and the project has continued to move up and down.
Also, Metawares projects have recently created a surge in the digital currency markets. There are many coins such as SAND and GALA that have attracted the attention of investors. Gala is up 24% at more than $ 0.444. Coins have risen 400 percent in the last 7 days. This project looks good for recording more achievements, as many users continue to join its unique project. As demand grows, Gala remains at the top of the list of winners. Trading volume and market value have also caused significant jumps in figures.
EGLD, on the other hand, rose more than 13.25 percent. It has crossed the $ 400 mark and looks promising to make more profit. The market value of the coin is just under $ 8 billion, which is above the new high. The EGLD record breaker shows the potential of the coin and the increase in its acceptance promises good returns for its holders. In addition, the CRO has risen 14 percent to over $ 0.65. It has also been one of the best practices in this waste market. This coin has climbed the charts of the top digital currencies and certainly has the opportunity to grow further.
Not everything that shines in the world of digital currencies is gold. People lose their capital by making hasty and irrational decisions. Declining trends and healthy corrections are also part of this market, and therefore, crypto cups are not for everyone. The last few days have portrayed this phenomenon in a situation where the market is in a critical stage of reform.
Despite some bizarre performance, the overall outlook for digital currency markets is still unclear. Top cryptocurrencies have not been able to break out of local resistance levels while remaining above their support levels. The next few days may be crucial as a mature market better understands what the future holds.