Numerous alternative coins are booming during the past 24 hours, while Bitcoin remains stable. Consequently, this has raised the question of whether or not the cryptocurrency market is entering another altcoin season.
Altcoins Pumping
The majority of the market is well in the green today, with some impressive gains from altcoins. Yet, none has increased its value from the top 100 coins by market cap more than Dogecoin (DOGE).
Its surge of over 50% means that DOGE is now trading at $0.0043 and 46 SAT against Bitcoin. Dogecoin also rises to the 27th place in terms of total market capitalization at nearly $540m.
Cardano (ADA) has enjoyed quite the decisive run lately. Apart from the recent announcement of future token staking capability on Coinbase Custody, ADA’s price may be pumping due to optimism ahead of the much-anticipated release of the “Shelly” upgrade, according to a recent report.
Merely a week ago, ADA was trading at $0,073 and is now hovering around $0,13. Meaning that in this period, the asset price has increased by 80%.
VeChain has also been on the rise lately. The company recently celebrated the second anniversary of its mainnet and announced that it will attend the World Artificial Intelligence Conference from July 9th to July 11th. Today’s price surge of 16% means that VET trades at $0.0176 and has doubled its value since the end of June.
Other worth-mentioning pumping altcoins include ICON (13%), Elrond (12,86%), and Siacoin (12,60%). Ripple (XRP) is up 7% and Chainlink (LINK) – by approximately 14%, and it continues to break into unfamiliar grounds after registering another all-time high at $6 earlier today.
Bitcoin Watches Steadily
And while the altcoin market increases its value, Bitcoin’s price remains stagnant at about $9,250. The primary cryptocurrency has been trading in a range from $8,850 to $9,300 since late-June and doesn’t indicate to break out as it couldn’t close above it yesterday.
This particular $9,300 level remains the most significant obstacle in BTC’s way upwards. If broken, Bitcoin will have to go through the resistance levels at $9,500 and $9,800. Contrary, the psychological $9,000 point serves as a vital support line.
Interestingly, most stock market indexes registered slight declines yesterday following reports that some top advisers in the Trump administration were weighing proposals to undermine Hong Kong’s dollar peg to the greenback.
The futures contracts of the S&P 500, Nasdaq, and Dow Jones have also decreased slightly. It would be intriguing to follow if Bitcoin would perform similarly due to the increased correlation between the two asset groups lately.
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