After the close of the US financial markets, we will record the Bitcoin price and the prices of the top 25 crypto coins as usual. In addition, we see how Elon Musk boosts the Bitcoin price, why Ethereum (ETH) can rise 35% and what Cardano (ADA) has in store. We will of course start with the live Bitcoin price and the prices of the top 25 crypto coins.
Bitcoin price rises in positive crypto market
At the time of writing, the live Bitcoin price is trading at EUR 33,464.56 ($39,774.30), which is 4.15% higher than what we saw on the digital price board after the close yesterday.
The rest of the crypto market is also recovering quickly. With the exception of some stable coins, we only see positive live prices. The biggest riser is Polkadot (DOT) with 11.33%. On the site of Tradincrypto.com we see how all the live crypto prices are rising. Uniswap UNI is well known in crypto.
Hint Elon Musk makes Bitcoin price rise
The rapid rise in the Bitcoin price is mainly due to Elon Musk. At a crypto event, he hinted that Bitcoin has reached its target of 50% renewable energy for mining. He is now conducting a due diligence and if it confirms that the mining is mainly done with green energy, Tesla will accept Bitcoin again.
Will the price of Ethereum (ETH) rise 35%?
An Elon Musk endorsement for Bitcoin will certainly have a positive effect on the coin. Another cryptocurrency that is expected to have a positive effect is Ethereum (ETH). Currently, the price is rising rapidly (at the time of writing +8.89%) due to the upcoming London Hard Fork, but analysts believe that the end of the rise is not yet in sight.
Katie Stockton of Fairlead Strategies shows that Ethereum (ETH) outperforms Bitcoin. This leads to upward price pressure. This brings the resistance level at $2,724 into view. If she manages to break this level, a further break to the 61.8% Fibonacci level is likely. According to her, the price can then rise to $ 3,356, which is 35% higher than the current level.
Cardano (ADA) has big plans for the future, warns against scams and pokes fun at critics
Cardano (ADA) has been developing full functionality for smart contracts for some time now. With this Alonzo update they are on schedule and they expect a release in September. This is good news that comes unexpected to critics. They were in fact quite skeptical about the plans and taunted Cardano (ADA) founder and CEO Charles Hoskinson. This one couldn’t help but give a sneer back. XRP Ripple is well known in crypto.
At the same time, a warning was shared for scammers who claim Cardano would be holding a give-away. However, Cardano (ADA) never does this. Hoskinson therefore warns in sharp terms that you will lose your crypto coins if you participate in a Cardano give-away.
In addition, Charles Hoskinson gave some glimpses into the future in a surprise AMA session. With a playing time of more than 2 hours and 15 minutes, it was a big gift, but Hoskinson did give some glimpses into the future. For example, they are working on a new stable coin that will be called Djed.
They even want to set up a regulated decentralized bank. They also want to set up a program for crypto ATMs in developing countries. Finally, they want to install a new approval system for the blocks on the blockchain. The name is a mouthful: Non-Interactive Proofs of Proof-of-Work (NIPOPOWS) and should work within 3 to 5 years.