As Bitcoin Dips, Altcoins Find It as An Opportunity to Rise
On Mar 17, 2021
After the ATH price of Bitcoin, BTC is relatively stagnant, and it gives momentum for altcoins to rise. ADA is one of the cryptos that profited their owners. Meanwhile, Charles Hoskinson is disappointed about Twitter’s policy.
The $1 trillion worth of cryptocurrency, Bitcoin, is having a dip after reaching an all-time high price of $ 61,604, according to CryptoRank. On the 2nd January, Bitcoin hit the $ 30,000 level, and it took 64 days to double its price. The price of $ 61,000 BTC is closer to $ 100k than the price of BTC in September 2020.
The bullish run had a break, and BTC stabilized around $ 55k. The market capitalization still above $ 1 trillion. Many analysts think that this bull-run of Bitcoin has not ended yet and will go after high prices. Cofounders of Glassnode tweeted about the liquid supply shortage of Bitcoin. This gives grounds to think that Bitcoin will improve its price further.
Despite recent volatility, #Bitcoin supply is still drying up at astonishing rates for this time around in the cycle. https://t.co/yslda1jUha pic.twitter.com/y1SInrBjEF
— Jan & Yann (@Negentropic_) March 16, 2021
Cardano (ADA) Aims High
One of the competitors to Ethereum, Cardano, spiked with the news about being listed on the Coinbase Pro. The price of ADA was in the downward trend after hitting its ATH price of $ 1.49. Recent developments added value to the price. Coinbase announced that starting 16th March, users can transfer their coins to the Coinbase Pro account. According to the official blog, “trading will begin on or after 9 AM Pacific Time (PT) Thursday, 18th March, if liquidity conditions are met.”
After this news, people begin to buy ADA, and the price increased by up to 25%. The initial price was $ 1.03, and it increased up to $ 1.28. The price of ADA can increase further after being listed in Coinbase Pro.
The recent crypto bull run has attracted many scammers to social media. Faking the name of crypto influencers and founders, confuse people and cause misleading information in social media. The founder of Cardano, Charles Hoskinson, is tired of impersonators on Twitter. Twitter has not verified his account, and it gives fake profiles additional power. He blamed Twitter for this and tweeted about leaving the social platform.
If there is no path to verification, then I’m considering leaving Twitter. It seems to be the only way to resolve the impersonation issues. I’m disappointed with @Twitter they just don’t seem to care about fraud, scams, and impersonation.
— Charles Hoskinson (@IOHK_Charles) March 16, 2021
Cryptocurrencies will find the drop of Bitcoin as an opportunity to rise. Besides ADA, BAT displayed a significant increase. Basic Attention Token reached its new ATH price of $ 1.18. This trend will end soon if Bitcoin begins to rise again.
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.