Read in this article the updates on the cryptocurrency market.
September 15, 2021, | AtoZ Markets-The cryptocurrency market keeps investors inspired, with Bitcoin, Ethereum, and Cardano taking center stage. The popularity of cryptocurrencies continues to rise, as investors are betting on further increases in the sector.
Meanwhile, people from countries in Africa, Asia, and South America are much more likely to own or use cryptocurrency than those in Europe, North America, or Australia.
Africa’s largest economy is the king of cryptocurrency. In Nigeria, 32% of respondents — nearly 1 in 3 — report having used or owned one type of crypto or another in 2020. By comparison, just 6% of Americans reported the same.
Bitcoin Keeps Traders Nervous
Analysts agree that a sustained move above $47,274 brings the price closer to the possibility of a return to the highs of the year. Likewise, blockchain metrics continue to show an accumulation of whales (large buyers of bitcoins). The volume of transactions worth more than $10 million has increased considerably since last weekend, indicating deeper market movements.
This week’s bullish tone has already recovered almost half of last week’s BTC price losses. On short-term charts, the bitcoin price has strong support in the $47,437 area.
Also, the RSI on the daily chart is around neutral levels, indicating a period of price consolidation could persist.
Ethereum Continues to Recover Ground
Ethereum continues to grow as a major force in the world of finance. The network’s upgrade to proof-of-stake also looms. Ethereum was launched in 2015 to expand the use of blockchain. Ethereum’s native cryptocurrency, Ether (ETH), provides an incentive structure similar to Bitcoin (BTC) but operates through smart contracts. This functions as a security measure to protect the network from inefficient code and attacks by malicious actors.
In a report published on Sept. 7, Standard Chartered, a multinational banking giant headquartered in London, discussed Ether’s economic use-case, adding that the cost to purchase one ETH could grow to $26,000-$35,000 in the future.
“The current transition to ETH 2.0 could transform ETH by increasing its functionality and scalability and reducing environmental concerns, although it could raise more complex security issues,” the report stated.
Meanwhile, Ethereum also faced criticism for its inability to resolve higher transaction fees and network congestion issues. That prompted emerging layer one blockchain rivals like Solana (SOL), and Cardano (ADA) to eat up a portion of Ethereum’s market hegemony.
Altcoins Recover After Sharp Declines
In this cryptocurrency sector, the case of ADA stands out, which corresponds to the Cardano token. It suffered sales at the beginning of the week in a clear movement after the ‘Alonzo’ update. With this change, smart contracts were incorporated into this blockchain, making it a threat to Ethereum.
The third cryptocurrency in the market has been retreating in its last transactions. It is currently trading far from the highs above $3 at the beginning of the month.
Another relevant news in this market sector is the Solana SOL token, which has also been rebounding from recent declines.
This blockchain presented an almost one-day outage due to an unusual increase in activity among investors. The token’s developers managed to restore service on Wednesday morning, and the digital currency is currently consolidating around $160. This situation led to the price plummeting to a low of $140.
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