After trading sideways throughout the weekend, with Bitcoin and Ethereum holding their support levels of $19k and $1k, the top cryptocurrencies are showing slight bullish momentum today, gaining between 3-4% this July 4th. While the United States is celebrating its July 4th holiday this Monday, European stock markets showed positive momentum today, with the STOXX Europe 600 rising by 0.98% today.
Europe’s positive market action today could be the reason behind the cryptocurrency market’s rally this Monday. Whether or not it will continue through this week highly depends on how the U.S. stock market opens on Tuesday.
Bitcoin’s Price Holds Above $19K, up 3.52%
Bitcoin had its worst quarter in over a decade, losing over 50% of its value in Q2 2022. The primary reason behind the drastic BTC price devaluation was rising inflation, interest rates, and concerns over the global state of affairs and economy.
Moreover, the drama relating to Terra Luna caused significant panic for investors who lost trust in crypto markets. Even though Bitcoin isn’t affiliated with Terra Luna and isn’t a stablecoin, seeing how quickly a multi-billion dollar asset can disappear was a significant cause for concerts to retail investors.
In addition, since Bitcoin has been heavily correlating to the stock market’s price action, it is no surprise that BTC had to deal with rising bearish momentum over the past couple of months.
The current trend with BTC is that the weekend usually provides breathing room for the cryptocurrency to show slight bullish momentum before the stock market opens. As such, long holiday weekends provide the global cryptocurrency market with an additional day to stabilize, and sometimes, like today, even show bullish price growth.
Ethereum Price Up 5.07%, Holding the 1.1K Support Level
While Bitcoin remains above $19k, struggling to reach above the $20k support level, the Ethereum price managed to break through the $1.1k resistance and establish it as current support, rising by over 5% in the past 24 hours.
In addition, Ethereum is boasting a $10 billion trading volume over the past 24 hours, compared to $18.6 billion for BTC. The incredibly high trading volume signals plenty of activity and momentum in the market, which could continue pushing ETH’s price higher.
Crypto trends like NFTs, DeFi, and Metaverse are all made possible by Ethereum’s smart contracts. As the industry progresses, it wouldn’t be surprising for ETH to one day overtake Bitcoin in terms of market capitalization. Currently, ETH is valued at $134 billion, compared to BTC’s $376 billion market cap.
BNB, Cardano, XRP, Solana Prices Up 4%, Following Ethereum’s Lead
The following significant crypto assets by market capitalization, disregarding stablecoins like Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), are all following Ethereum’s lead with similar price gains between 3-4%. While Ethereum follows Bitcoin’s lead, other digital assets follow Ethereum’s lead since many resemble similar functionalities and features as ETH.
BNB is up 3.91%, Cardano (ADA) is up 4.21%, XRP is up 3.23%, and Solana (SOL) grew by 4.66% in the past 24 hours. While today’s price action is positive, the past seven days still show losses between 5-14% for the top ten crypto assets.
Cardano (#Cardano) is trending on Twitter today with 16.6k Tweets. The day’s news for ADA is the successful Vasil Upgrade launched on its testnet. The highly anticipated fork was completed by the IOG team on testnet, a first step to establishing the upgrade on the mainnet of the Cardano network.
The Vasil upgrade will provide a capability and performance boost for Cardano, including higher transaction throughput, better script performance, and increased efficiency, among other essential features to keep the blockchain up to par with the latest developments and trends in crypto.
While this year’s bear market has been one of the worst for the crypto economy, the long-term sentiment toward crypto-assets hasn’t changed. There’s plenty of potential for Bitcoin and Ethereum, along with other significant digital assets like BNB, Cardano, XRP, and Solana, to show considerable price growth either in Q4 of 2022 or next year.
The nature of financial markets is cyclical, and a bull market follows every bear market. The key is to endure the tough times to reap the benefits and profits of the good times. Focusing on long-term community-oriented projects pushing the industry forward is a sure way to capitalize on the next bull run and offset any losses incurred this year.
Disclosure: This is not trading or investment advice. This article is provided for entertainment and education purposes only. Please do your research before buying any cryptocurrency or investing in any service.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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