- Bitcoin and Ethereum continue with their market rally looking past the regulatory pessimism.
- Cardano turns out as the outperformer with 50 percent weekly gains.
The overall crypto market has bounced back strongly propelled by coins like Cardano (ADA) after a major pullback earlier today. As of press time, the entire crypto market is up by 2.77 percent and is eyeing a move above $2 trillion.
The world’s two top cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH) – have continued with their rally. However, Cardano (ADA) too has entered a solid rally and is up 50 percent over the last week.
Bitcoin (BTC) – profitable supply, exchange outflows and rising hashrate
As of press time, Bitcoin (BTC) is up 2.03 percent and trading at a price of $46,410 with a market cap of $871 billion. This has helped Bitcoin to extend its weekly gains to 15 percent. On-chain data from Glassnode shows some bullish trends for Bitcoin.
As Glassnode reports, in the price range between $29.7K and $45.4K a total of 16.4 percent of the Bitcoin supply has turned profitable. “This indicates that approximately 3.08M $BTC was last spent, and thus have an on-chain costs basis in this price range,” notes Glassnode.
On the other hand, the rate of Bitcoin outflows from the exchanges is high for the month of August and anywhere between 75K-100K BTC per month. Previously, such strong outflows happened during Q1 2021 thereby indicating massive accumulation.
Furthermore, the Bitcoin hashrate has been significantly picking up once again. Looks like more miners have started resuming their operations once again. This is a great sign for the entire Bitcoin miner community.
Ethereum (ETH) whale accumulation continues
Ethereum (ETH) has delivered a rock-solid performance throughout this year and over the last year. In fact, Ether (ETH) has outperformed Bitcoin by a large margin. But just like BTC, the ETH whale accumulation is also going pretty strong.
Ethereum whale addresses with over 10,000 ETH coins currently own 43.7 percent of the total ETH supply. This is nearly 8 percent more than the supply held by these addresses three years back. As per data provider Santiment, there are a total of 1338 such addresses holding over 10,000 ETH.
The Ethereum buying sentiment is strong among whales as well as among institutional players. The much recent London hardfork and the EIP-1559 activation has further contributed to the ETH price rally. At press time, ETH is trading at 2.90 percent up at $3247, and a market cap of $380 billion.
Cardano (ADA) – optimism with smart contracts
Cardano (ADA) is the top performer among the top five crypto-list with 50 percent gains on the weekly charts. As of press time, Cardano’s ADA is trading 12.02 percent up moving past its crucial resistance of $2.0.
The ADA price rally was on the backdrop of the successful launch of the Alonzo Purple testnet. This is the first-ever public Cardano testnet supporting smart contracts. The excitement around getting smart contracts on Cardano is really high in the community.
Many believe that this could be a real game-changer for the blockchain. Popular market analyst Lark Davis believes that ADA could surge 50x following the complete implementation of smart contracts.