After the bulls of bitcoin (BTC) price managed to move one step closer to $50,000, a small correction back to $46,500 occurred. Bitcoin is still hovering around this price. This level now serves support for a further continuation of the upward movement. In this article you can read about the current state of the market and find an interesting tweet.
Bitcoin (BTC) price drops but realized market cap reaches record
Starting with the price movements of bitcoin this afternoon. Looking at the hourly chart, it can be seen that bitcoin peaked this morning at $48,149 but the price was quickly rejected there. Within the same hour, bitcoin fell back to a low of $46,826 and it didn’t stop there.
Over the course of the afternoon, the price of bitcoin eventually fell to as low as $46,034 so far. There are now some slight signs that support may be found in this price region. This is the price region where bitcoin has faced resistance over the past few days, so this area may well offer support after last night’s breakout.
Meanwhile, the Bitcoin network has set a new record. The “Realized Cap” has a all-time high (ATH) achieved. On-chain analyst Willy Woo translates what this means exactly:
“The capital stored in the Bitcoin network has just reached an all-time high.
There is more money in the network today at a price of $47k than in April at $64k.
Realized Cap estimates this by adding up the price paid for each coin in BTC’s circulating supply.”
Translation:
The capital stored in the #Bitcoin network just broke an all-time-highs.The network has more money in it today at $47k than it did at $64k in April.
Realised Cap estimates this by summing the price paid for every coin in BTC’s circulating supply. https://t.co/a7cCbXAmXS
— Willy Woo (@woonomic) August 14, 2021
Cardano (ADA) in de Alonzo raket
Today is Cardano (ADA) in the spotlight. The project has announced when smart contracts will finally be launched. Read in this column which date the project was set!
ADA has moved up a little further on the good news and now appears to be trading comfortably above $2. Cardano is now worth $2.14 and is the third largest cryptocurrency in the world behind bitcoin and ethereum (ETH). Ripple (XRP) also performs remarkably well. The altcoin is 12.1% in the plus and is therefore the biggest riser of the top 10.
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