Bitcoin continues in sideways trade on Thursday as buyers seemed to be exhausted near the $40,000 resistance level. Noteworthily, Bitcoin has traded the last 8 days in green which brought the price to highs of $40,927 on July 28. As of press time, BTC was up about 23.29% on a 7-day basis, the price gains were largely driven by improving sentiment and short covering.
Across the Altcoin space, the majority of tokens were seen posting slight gains between 3% and 10%. Crypto trader Michael van de Poppe believes the spotlight is shifting gradually to Altcoins, stating ”I think it’s a very likely scenario that #Altcoins will be waking up from here. Many have retraced their entire run of the first half of this year, through which they are flipping crucial levels for support”
Bitcoin was consolidating at $39,569 at the time of writing. Some analysts expect Bitcoin to remain range-bound as the current rally takes a breather. Chainalysis in its latest market report sees Bitcoin holding a price floor now of around $37,300 as demand from existing whale investors (large Bitcoin holders) has returned.
This seems to coincide with positive news that business intelligence company MicroStrategy will continue investing in its “digital asset strategy,” according to the company’s CEO Michael Saylor said in its Q2 earnings announcement Thursday. This all suggests the likely chances of extended consolidation rather than a price plunge.
At the other end of the Altcoin space, selected tokens such as Constellation (DAG, +22.11%), Hive (HIVE, +24.37%), Quant (QNT, + 42.46%) were seen putting up impressive performances, buoyed partly by a surge in social activity and major exchange listings.
Why Constellation, Hive, Quant Rallied Significantly
Constellation is a protocol that utilizes a directed acyclic graph architecture to achieve a consensus that is theoretically capable of infinite scaling. DAG refers to the native cryptocurrency on Constellation’s decentralized hypergraph network.
TradingView data shows that the price of DAG rallied nearly 25% from a low of $0.175 on July 29 to intraday highs of $0.218. Although the recently launched Lattice Exchange (LTX) helped boost DAG price, the recent increase coincided with an increase in social activity.
On June 26, Constellation network had announced ”Big thanks to the @Conste11ation Twitter community – we are now 30k strong… To celebrate, we’re giving away 30k $DAG to 3 random winners getting 10k each. To enter, RT this post w/ your original $DAG meme & tag us. Winner announced the 30th!”
HIVE is an innovative decentralized blockchain and ecosystem built on the Delegated Proof of Stake (DPoS) protocol.
Hive is on a present uptrend, having marked 9th consecutive day in green, with Thursday’s gains being the largest since July 21. HIVE rose from lows of $0.342 to highs of $0.549, gaining nearly 60%. The latest rise comes on the heels of the announcement of a new listing. According to the Hive network, Global Digital coin exchange, CoinEx will list HIVE at 03:00 July 30.
Quant is a blockchain technology company that aims to achieve universal interoperability between blockchains through its Overledger OS, a blockchain operating system. QNT is the native utility token of the network and is used to pay for network resources and licensing fees.
QNT rallied on July 29 from lows of $94.77 to all-time highs of $170, gaining nearly 79%. This latest rise comes amid the announcement of QNT listing on Binance.
Binance announced on July 29 ”Binance will list Clover Finance (CLV) and Quant (QNT) and will open trading for QNT/BTC, QNT/BNB, QNT/BUSD, and QNT/USDT trading pairs at 2021-07-29 06:00 AM (UTC). Users can now start depositing CLV and QNT in preparation for trading.”
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