Altcoins and DeFi tokens breakout as Bitcoin price nears a key resistance
On Friday morning, the price of Bitcoin BTCUSD, -1.08% hit $10,000 and a new all-time high, although it gave up much of that gain by the end of the session. But in the last week, the price of Bitcoin has been on an upward march that has not been seen since the end of last year, when it was trading at $17,000.
Last week we discussed the breakout of all-time high in altcoins and the implications for Ethereum. Despite the price surfacing off of its yearly lows, it is clear that the crypto markets were not done with their heavy-volume accumulation. So, what should investors expect in the future? Will we see a similar bull run to begin in earnest, or will the market consolidate and retreat back into a range of support?
Bitcoin price seems to have topped a critical resistance level at $10,000, as bearish trends intensify. The cryptocurrency market is seeing a strong bearish trend, with Bitcoin and other major altcoins down by more than 10% in the past four days. While it is not a certainty that Bitcoin will fall back below $10,000 in the short-term, the risk of further losses is high.. Read more about bitcoin price prediction and let us know what you think.
Tired crypto-currency traders woke up on the 2nd. May led to a green light in the markets, as bulls managed to push the price of bitcoin (BTC) above the critical line in the sand at $37,500, while Ether (ETH) briefly traded at $2,800. The price rise in BTC and Ether was accompanied by double-digit gains in many altcoins, leading some to speculate that the market is currently oversold after the recent pullback. price, Twitter and transaction volume data. Source: Cointelegraph Markets Pro Dogecoin (DOGE), which rose first after the January 1 announcement, is again leading this recent rally. June that the token will be registered on Coinbase Pro, and a new Twitter ad from Elon Musk jumped 28% to an intraday high of $0.4446. Cointelegraph Markets Pro data began on the 31st. of May, prior to the recent price rise and Coinbase Pro announcement, to identify a bullish reversal for DOGE. Cointelegraph’s proprietary VORTECS™ assessment is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity. VORTECS™ score (green) versus DOGE price. Source: Cointelegraph Markets Pro As you can see in the chart above, the VORTECS™ score for DOGE began on the 31st. May to include in green color and reached at 1. June peaked at 74, just 14 hours before the system recorded a NewsQuake™ message on DOGE’s quote on Coinbase Pro, which was followed by a 45% rally.
Fi projects are gaining momentum
Cointelegraph Markets Pro data for Kyber Network (KNC) shows that market conditions have been favorable for the project for some time. VORTECS™ score (green) versus KNC price. Source: Cointelegraph Markets Pro As shown in the chart above, KNC’s VORTECS™ score moved up and down in the green zone on May 31 and remained high over the next two days, peaking on May 1. The stock hit a high of 74 in June and has begun a 75% recovery. Another DeFi-focused project identified by Cointelegraph Markets Pro ahead of the recent price movement is Kava, which is up 36% in the past 24 hours and currently trading at $4.68. VORTECS™ score (green) versus KAVA price. Source: Cointelegraph Markets Pro As seen on the chart above, conditions for KAVA have been bullish for some time, as evidenced by the consistent green readings of the VORTECS™ over the past week. KAVA’s VORTECS™ score reached a level of 0.5 on the 31st. May, about 48 hours before the start of the price increase of 45%, a high of 75. The correction of 19. May wiped out $1.2 trillion in the crypto-currency market, and while the shockwaves of that historic correction still reverberate through the market, several DeFi tokens and altcoins are beginning to show signs of upward momentum. This suggests that cautious traders are gradually returning to the market in the hope that the second phase of the bull market will begin in 2021. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.It’s been a tough month for the Bitcoin market, with the price falling by over 10% to its lowest level since February. But, as Bitcoin’s continued decline has shown, it’s not just the currency that’s in trouble, but the entire space. To challenge the downtrend and demonstrate the resilience of this nascent asset class, investors are increasingly turning to alternative cryptocurrencies and decentralized finance (DeFi) tokens.. Read more about ethereum price and let us know what you think.