The price of Bitcoin is slowing down and an Ethereum competitor is entering the DeFi race this weekend.
The price of Bitcoin was able to rally up to $ 11,917 on Friday before losing momentum, and fell back into the $ 11,500 range. “Last day, bitcoin tested the $ 11,900 level, but it failed, and BTC slipped,” said Constantine Kogan, partner at BitBull Capital’s crypto-fund.
Bitcoin and gold continue to trade together. Gold is also down Friday, in the red 1.6% and at $ 2,030 as of press time. “The correlation with gold / BTC is currently very high,” said Daniel Koehler, liquidity manager for crypto-exchange OKCoin. “The one-month correlations between BTC and gold have seen a significant spike over the past two weeks, and are currently at around 67%,” he added.
One downward-trending day does not change optimism about the crypto market, Koehler added. “With bitcoin following gold as a store of value, and pushing DeFi through ETH, the excitement is currently handy in the trading community.”
John Willock, CEO of supplier of digital asset liquidity Tritum, agrees. “Sentiment in the market is very driving and overall positive market news increases confidence and aggression in positioning,” he said. “I expect bitcoin to return rapidly to $ 12,000 this weekend with ether to $ 400.”
The second largest cryptocurrency by market capitalization (ETH), ether, was down Friday, trading about $ 347 after slipping 4.6% in 24 hours from 20:00 UTC (4:00 pm ET).
Smart contact platform Cardano intends to start producing proof-of-stake (PoS) mainnet blocks this weekend. The switch from Ethereum to PoS from its current proof-of-work setup is sometimes expected at the end of the year.
Since the beginning of 2020, the Cardano token, ada, has increased its market capitalization from $ 1 billion to $ 4.5 billion, according to CoinGecko. The platform, a competitor to Ethereum, has taken a methodical approach to launch and now has 770 pools that account for almost 20% of ada’s supply.
George Clayton, managing partner of Cryptanalysis Capital, looks forward to seeing Cardano in the DeFi race, as a smart contract option for building decentralized applications on the platform are expected to launch later in 2020. “The transition to PoS mainnet has been completed, but stake pools will not begin producing blocks until August 8,” he said. “Very interested to see what happens to Cardano; that’s a big moment for the protocol. ”
Digital possessions on CoinDesk 20 are mostly in the red Friday. One notable winner since 20:00 UTC (16:00 ET):
Notable losers since 20:00 UTC (16:00 ET):
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent digital subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
