- Ethereum lags breakout despite smaller coins such as Tezos, Chainlink and Cardano spiking to monthly highs.
- Chainlink holds in the ninth position with a market capitalization of $2.77 billion.
The altcoin season continued with the teasing this week led by selected cryptocurrencies such as Chainlink, Cardano and Tezos. The altcoin season refers to a period where coins with smaller market capitalization compared to Bitcoin rally. The price action happens independently of Bitcoin.
Ethereum is the largest altcoin, however, its price is currently heavily correlated to Bitcoin. For this reason, as the afore-mentioned cryptocurrencies rallied, Ethereum stuck to consolidation. On the other hand, Ripple spiked from the dip under $0.17 (in the first week of July) to highs above $0.21. XRP/USD currently pivotal at $0.20 as bullish and bearish forces continue to cancel out.
Chainlink market update
LINK/USD is in the course of a retreat after hitting highs around $8.50. Tentative support at $8.00 gave in to the selling pressure, allowing losses to continue to $7.96 (market value). In just seven days, Chainlink has grown by more than 30%. The data on CoinMarketCap places LINK in the ninth position on the market with a market cap of $2.77 billion and a 24-hour trading volume of $1.1 billion. Analysts across the board say that Chainlink has reached its tipping point and is likely to tumble.
Chart of the day: LINK/USD hour chart
Cardano market update
Cardano, currently the sixth-largest cryptocurrency has contained losses above $0.12 after hitting a snag above $0.14. The crypto has been trimming most of the gains it accrued in the first week of July following the launch of the Shelly mainnet. ADA/USD rally is, however, not over as investors are eagerly waiting for the launch of the public staking for ADA. This way they will be able to lockup their ADA in the network and earn rewards in return.
Tezos market update
Tezos tried to keep up with the above altcoins but lost steam marginally above $3.00. After rallying over 10% in the last seven days, XTZ/USD is back to trading at $2.90. In spite of the retreat, buyers seem to have remained in control because in the last 24 hours, Tezos is up 4%.