The entire cryptocurrency market is pacing gradually with target for resistance around $218.0B and $220.0B. Bitcoin is performing slightly great and altcoins like Tron and Cardano are also rallying high on the market rising wedge.
Even though the dominance of Bitcoin has been strongly threatened due to the formidable strength displayed by altcoins, the present stated of the leading cryptocurrency shows that BTC is gradually regaining strength.
Bitcoin, according to Coinmarketcap, holds a dominance share of 66%, and analysts are foreseeing further drop as they foresee the possibility of altseason.
After a decent drop below $8,170 in the last 24 hours, BTC regained strength and moved up the chart consistently for another 8 hours. Bitcoin is now trading above $8,220 value at press time. Earlier in the day, Bitcoin spiked to $8,267, making it first voyage above $8,260 in the last 24 hours.
Tron and Cardano Pacing High towards the Ceiling
The 11th and 12th largest cryptocurrency in the market looks to be tailgating one another. The two coins have been outstripping one another from the 11th position on the table. However, the latest rally possessed by the two could make them witness a shift in position to 10th and 11th position, debasing Stellar (XLM) to 12.
Tron is now the 11th largest cryptocurrency, all thanks to its market cap that slightly moved above $1.13 billion.
Since the last 7 days, Tron has witnessed consistent budge up in price. The consistency aided its push to the 11th position. The crypto focused on decentralizing the web has been breaking a number of resistance upward.
Within the above stated period, Tron has managed to exceed the $0.014 and $0.016 resistance. At press time, the cryptocurrency costs $0.017001 against the US dollar after adding 5.36% to its value in the last 24 hours.
Tron looks to be aiming for the ceiling, and a break above $0.018 could be achieved in the next few hours if the cryptocurrency maintains constant push up.
Cardano Price Analysis
Cardano, the project which describes itself as the first third generation cryptocurrency, is exhibiting the same move in the market. Since the last 7 days, the cryptocurrency has also been on the upside trend.
Cardano ada price has recovered above the $0.42 resistance and at press time, it is valued $0.043024 after witnessing 5.57% against USD in the last 24 hours, its highest value in the last 7 days. Amongst the top ten cryptocurrencies, Cardano is the second highest gainer after Binance coin BNB.
Cardano is struggling to break another resistance well above $0.051.
Looking at the crypto market, Bitcoin alongside altcoins are pushing hard to defeat the force of the bear, and this may be achieved soon especially now that Bitcoin ETF approval gets closer as stated by the Bitwise Head of Global Operations.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.