THREE ALTCOIN RISING
Although Bitcoin is pushing $50,000, there are also analysts who suspect that the current price trend is not that strong and are waiting for a pullback to $44,300. These concerns are supported by the “Fear and Greed” index, which is approaching the border of “greed” and “extreme greed”. Now investors may turn to Cardano, Solana and Terra as the Bitcoin rally cools
August is seen as an “altcoin month” and current price movements support this conclusion. Specifically, Solana (SOL), Terra (LUNA), and Cardano (ADA) are leading the altcoin bull run with double-digit gains for the past two weeks. Meanwhile, for ADA, Ethereum’s biggest competitor, analysts are expecting a new ATH ahead of the Alonzo Hard Fork scheduled to take place on the mainnet on September 12, 2021.
One of the shining altcoin projects of August was Solana (SOL). Continuing to post ATHs without major corrections for weeks, SOL is up 21% in just the last 24 hours, registering one of the last ATHs of August at $119. Now, as it is the 8th largest altcoin project by market capitalization as an “Ethereum killer,” investors and traders have started booking profits in tranches. It is found by popular traders who describe this strategy as a “regret-free move”.
AUGUST WAS SOLANA MONTH
Recent updates to Solana Blockchain have made the project more attractive
With the latest updates, it is observed that the SOL community has become more voracious with earnings. The feature that makes the project more preferable is the “wormhole”, a two-way bridge that supports the exchange between Ethereum and Solana Blockchain. Meanwhile, traders are waiting for another exciting update for the “wormhole” that will allow three-way cryptocurrency transfers and support Terra Blockchain.
Solana became a victim of its own success this week in several respects. The coin was once worth a penny. Its SOL coin slipped into the $1 range earlier this year. According to CoinMarketCap.com, prices did not rise sharply over $200 until early September. Proponents praised the blockchain’s stated speed and reduced transaction costs, as well as its ability to handle high-frequency trading methods as compared to other blockchains.
To be honest, digital outages happen all the time in the digital world. In 2019, one at Facebook Inc. was so severe that the firm contemplated refunding its advertising. Users of digital trading platform Robinhood Markets Inc. were so angry that they sued the firm after losing money due to downtime in 2020. Major cryptocurrency exchanges like Coinbase Inc. and Binance have been known to fall during periods of market euphoria. Arbitrum One, a blockchain network, also had an outage this week.
ALTCOİN LUNA READY FOR THE SECOND PHASE OF THE RALLY
On the other hand, Terra (LUNA), which has a market cap of more than $13.7 billion over the past month, has caught the attention of many investors. In anticipation of the adoption of LUNA and Terra, the burning of the $185 million LUNA token, and a major network upgrade called Columbus-5, the queue of buyers grew longer. With this upgrade, it is expected that more projects will be launched on Terra Blockchain, similar to Ethereum, and the demand for LUNA will increase.
CARDANO IS RISING
On the institutional side, it turns to altcoin projects. In addition, it follows a similar investment model on the institutional side as well as the individual investor. While a total of $ 3.8 million was out of Bitcoin for eight weeks in a row, new entries were made to altcoin funds. According to digital asset investment management firm CoinShares, $24 million in capital flows to crypto funds were detected in the week ending Aug. Among all altcoin projects, over $10 million has been raised in ADA funds, sparking bullish anticipation among investors.