Bitcoin remains searching for the floor, while Polkadot, Cardano and DeFi-Space seem to be exploring where the ceiling could be. The market update.
After a weekend with comparatively low volatility, the Bitcoin price is still looking for the ground. The crypto reserve currency did not succeed in attacking the 40,000 US dollar again. But on the downside, a support seems to be establishing itself at 35,000 US dollars, which could serve as the basis for a run to the next ten-thousand mark.
At press time, Crypto Bank is trading at $ 35,200. The meager weekly balance (minus 8.18 percent) relativizes a look at the monthly growth, which is more than impressive at 52.5 percent.
You can leave it: Bitcoin exchange rate in a 30-day comparison
While the Bitcoin rally of the last few weeks has now reached the mainstream media and prompted BaFin to issue a general warning against crypto investments , some Altcoins are about to steal the show from Bitcoin. Cardano (ADA), Chainlink (LINK) and above all Polkadot (DOT) can come up with price increases in a 7-day comparison that clearly set them apart from the rest of the top 10 crypto currencies.
Polkadot pushes Ripple (XRP) off the podium
Polkadot’s DOT token is currently panting from one all-time high to the next. In the last seven days alone, the polkadot rate has risen by almost 90 percent. The 30-day balance is even more impressive. Here, DOT, which was trading just above the US $ 5 mark on December 15, 2020, gained a whopping 229 percent. The majority of the price gains are attributable to the last seven days. One possible explanation for the current Polkadot rally lies in the announcement of the first Parachain for the Polkadot Testnet by Plasm Network.
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Parachains are one of the elementary building blocks in the Polkadot network. This is entirely dedicated to the interoperability of different blockchains and other application-specific data infrastructures. These dock to the Polkadot relay chain via Parachain. This has a limited number of slots for connecting new parachains. These slots are auctioned individually. If you want to connect a parachain to the relay chain, you have to save a DOT: Polkadot is a proof-of-stake network.
Polkadot (DOT) dwarfs the Bitcoin rally
The DOT price explosion has ensured that Polkadot has meanwhile competed with XRP, the digital asset from Ripple, for the third largest cryptocurrency by market capitalization (excluding the special case Tether).
Cardano benefits from advance praise
In addition to Polkadot, Cardano, another proof-of-stake coin, can look forward to significant price gains. In the last 30 days, ADA-Hodlers have also seen price increases in the three-digit percentage range. At the time of going to press, ADA is trading just below the 40 cents mark – 130 percent above the level a month ago. At Cardano too, the price increases correlate with positive news from the developer side.