Bitcoin has Managed to Stay Afloat above $40K for More than Two Weeks
Bitcoin is the largest cryptocurrency in the world in terms of market cap. After a stagnation period of 3 months, the price of the flagship cryptocurrency is finally restarted on a new bullish trend recently. Since the last two weeks, the Bitcoin price movement is appreciated by 10%. The steady upwards movement for Bitcoin has been witnessed for many weeks.
This allows the cryptocurrency market to make way for a volatile phase. However, many technical analysts believe that this time altcoin price behavior is going to improve rather than becoming more volatile. Major Altcoins that are moving forward with the fastest speed like Solana and Cardano tokens are going to see another rally. At press time, Bitcoin is valued at $48,307 after losing 0.08% in the last 24 hours.
Analysts Believe Altcoins will Surge in Coming Days
The investors in the crypto market are focusing their attention on two altcoins that have performed exceptionally well in the last two weeks. These altcoins are ADA native to Cardano blockchain and SOL native to Solana. As per data projections compiled by CoinMarketCap, ADA is currently valued at $2.12 and gained 6.64% in the last 24 hours. The massive interest in Cardano is due to the anticipation of the Alonzo hard fork event.
On the other hand, the SOL token is currently valued at $71.70 after losing 9.38% in the last 24 hours. The success of the Solana network is owed to the NFT project called Solanart. The popular NFT art collection called the Degenerate Ape Academy sold out in a record 8 minutes. This project allowed $2.5 million to flow into the Solana network that resulted in the doubling up of its native token.
One of the most popular cryptocurrency projects in terms of global adoption is Chainalysis. This blockchain is directed at gauging the security and viability of different crypto-related products on the market. Within 12 months, the price for Chainalysis native token appreciated by 800%. In terms of global adoptions, countries like the UK and USA are left behind in comparison to Vietnam, India, and Pakistan, etc.
On the other hand, there are online investment services platforms like Robinhood that have allowed retail investors to get a chance to deal in cryptocurrencies. This enterprise has introduced a global market into altcoins like Bitcoin. Robinhood earned 233 million in profits from its cryptocurrency trade options. This entails an increase of 4,560% in profits for Robinhood in comparison to last year.