The green is upon the cryptocurrency ecosystem today. Bitcoin (BTC) is maintaining a steady pace with a 1.82% growth to $43,662.36, a positive momentum maintained as the US Senate goes to vote on the Infrastructure Bill which has an indirect influence on whether crypto will thrive in America in the next couple of years. Investors, with the trend in the market today appear unperturbed with the likely outcome, a good development for the highly volatile cryptocurrency industry.
Market cap is pegged at $1.79 trillion, up 2.94% in the past 24 hours. As this broad market metric tends toward the $2 trillion zone, the contribution of Bitcoin is generally being tamed by virtue of altcoins gaining traction per capitalization. With many altcoins on the rise, Dogecoin (DOGE), Internet Computer (ICP), and Qtum (QTUM) are leading the uptrend by rate of gain today.
The breach of the $0.2 resistant by Dogecoin (DOGE) on August 6 has ushered in a massive buying momentum in which the bulls has rallied to push price to its current point at $0.25.
The surge in the price of Dogecoin has always been fueled by Tesla boss Elon Musk, however, this current rally appeared to be taking its natural cause, suggesting the growth may be sustained in the short term.
The steep slope of the DOGE/USD 4h Chart as seen on TradingView may stir a healthy retrace. However, where prices will be pegged in the mid to long term will be solely determined by the dominant force in the market at the time.
Internet Computer (ICP)
Internet Computer is currently trading at $64.38, a 91.34% deficit from its All-Time High (ATH) value of $737.20 according to CoinMarketCap. The unprecedented market dip has not been favorable to ICP, however, the coin, which promises to unseat data giants like AWS is seeing a price rejuvenation today.
At a growth rate of 29.81% at the time of writing, investors appear to be revived in a move that mimics the trend when the coin was listed back in May. Technical fundamentals are bullish on ICP at the moment as shown in the ICP/USD chart below.
Should the buying momentum be sustained, a push above $70 may be seen in the short term.
Qtum is also one of the best performers today, with bulls determined to push prices to pare off loses accrued in the past 30 days. QTUM is currently up 24.77% to $10.80. For QTUM bulls, a more buying pressure needs to be exerted to get prices up to its winning ways in a bid to retest its previous ATH of $99.87 attained 4 years ago.