A pseudonymous trader on Twitter, the Altcoin Sherpa, has warned his 176,100 followers that if Bitcoin continues its downward trend, the prices of smart contract-enabled blockchains could lose up to 50% of their value. Right now, Polkadot (POWD) is changing hands at $9, down 3.84% over the last 24 hours.
Solana (SOL) price rises over Moving Average curve
The Solana (SOL) cryptocurrency has been on a bullish trend recently, rising from the $88-$100 range to make a move back over the $100-mark. This is welcome news for investors. Let’s take a look at the technical indicators that may signal further growth for the Solana price. The William Alligator indicator shows that the downward trend is slowing down and trend lines are now facing upwards. This is a reversal pattern.
Ethereum’s beacon chain
As blockchain developers scrambled to improve scalability, some feared that the newly-minted Ether, the flagship cryptocurrency, might suffer. However, the rise in popularity of Bitcoin and Ethereum made them less appealing investments. Even though they both fell in price during the first week of October, Bitcoin has now surpassed USD 68,358 on the dollar. Bitcoin’s price is now at an all-time high of USD 68,358. The rising price of BTC has also prompted PayPal co-founder Peter Thiel to claim that rising BTC prices were proof that the US economy was undergoing inflation.
Dogecoin’s price drops sharply
The market was roiled after a cryptocurrency called Dogecoin experienced two short-lived price surges. The first came in March 2017, when its price rose more than 1,000% within 15 days. In April 2017, the price rose another 1,494%, from $0.0002 to $0.04, before dropping by more than 30% in August. But it seems that the recent crash has fueled a new wave of crypto projects.
Ether’s market cap plummets
In recent days, the price of cryptocurrencies like Bitcoin has plummeted, dragging the crypto market down with it. ETH, the digital token connected to the ethereum blockchain, fell over 12% this week, dropping to around $2,861. This is a significant decrease for Ether, which surged nearly 400% last year and has dropped over 60% this year. Some of the other top cryptocurrencies like Tron and Solana have also experienced dramatic declines, dropping by over 45% this week.
After a recent plunge, Tron’s stablecoin ADA is set to make a comeback alongside the first parachain auction. Pseudonymous cryptocurrency analyst @rektcapital analysed the trend of ADA/USDT to determine the best course of action for the future. While Polkadot is a dapp that uses the same blockchain that Bitcoin uses, its rise could be temporary.
Also Read:Crypto Firms Says Thousands of Digital Currencies Will Collapse in the Coming Year, But Will They Recover?