Although Bitcoin and most larger-cap alts haven’t recovered from yesterday’s losses, the majority of them have stopped freefalling. At the same time, the low-cap altcoin market remains highly volatile, with some impressive double-digit gains.
Polkadot And Low-cap Alts Rejoice
Most of the larger-cap alternative coins continue to move indecisively for the most part. Over the past 24 hours, the majority failed to make a difference and are either slightly in red or green.
The top ten cryptocurrencies see two major exceptions to this trend – Chainlink and Polkadot. LINK is up by 3% to above $15, while DOT doubles-down on its impressive performance as of late with a 20% increase in the past 24 hours to $6.70. As such, DOT has become the 5th largest cryptocurrency by market cap, according to CoinGecko, overcoming LINK.
Nevertheless, the number of lower-cap alts in the green is higher, and the leader is CELO. The Celo platform, designed to allow sending, receiving, and storing stablecoins running on Celo via smartphones, will have its native cryptocurrency listed on Coinbase Pro starting on August 31st. As it typically happens, the news impacted CELO’s price with a 43% price surge.
Another massive gainer is bZx Protocol (27%) allowing BZRX to enter the top 100.
BitcoinBounced Off $11,100
Bitcoin dipped to $11,100 during the most recent price drop, but bulls regained control and drove the asset upwards. In the next few hours, BTC reached $11,400 before attempting to overcome $11,500.
The bears intercepted the price pump at that point and pushed the primary cryptocurrency towards its current level of $11,350. The technical aspects indicate that BTC can rely on $11,100 as support again if needed, followed by the psychological level at $11,000.
And while BTC’s price has displayed rather adverse developments in the past week, news broke that one of the largest asset management companies, Fidelity Investments, plans to launch its first Bitcoin-only fund called Wise Origin Bitcoin Index Fund I.
A filing with the Securities and Exchange Commission (SEC) revealed that the fund will be available to qualified investors, such as family offices, institutions, and registered investment advisers.
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