Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK) gain lead as crypto markets surge

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Crypto markets posted billions of dollars in gains on Monday morning after months of variation, according to data from multiple sources.

Bitcoin, the world’s largest cryptocurrency by market cap, jumped more than 10%, from $ 35,000 to $ 38,000, reaching $ 39,000 below, with a brief correction.

Bitcoin is trading well above its 34-period moving average (a popular tool used by traders to determine market trends based on historical asset prices) on Monday morning, but saw selling at the resistance level of $ 38,000. The $ 40,000 mark also remains another level of resistance.

Image: BTC / USD via TradingView.Dogecoin, Cardano bumps skyward

The Bitcoin movement has seen large cap cryptocurrencies like Cardano, Dogecoin, and Chainlink track and lead the price charts with double-digit percentage gains. As such, the top fifty cryptocurrencies (by market cap) also posted high single-digit percentage gains at the time of publication.

The decentralized oracle service Chainlink rose 12% from $ 16.62 to $ 18.86 at time of publication, followed by the Dogecoin meme token (+ 13%, from $ 0.19 to $ 0.22) and of the Cardano proof-of-stake blockchain platform (+ 11%, from $ 1.22 to $ 1.37).

Image: BTC / USD via TradingView.

Other leaders in the large cap market were XRP (+ 9%), Polkadot (DOT; + 10.3%), Bitcoin Cash (BCH; + 11.3%) and Ethereum Classic (ETC; + 13.3%) .

Does Amazon buy Bitcoin?

Some market watchers in crypto circles on Twitter have linked the moves to insider reports from the global online Amazon marketplace wanting to integrate Bitcoin payments for its services by 2022 and launch its own coin. These, however, remain unfounded at the time of going to press.

It starts with Bitcoin, this is the key first step in this crypto project, and the directive comes from the very top Jeff Bezos himself.https: //t.co/vyAvu0CPc2

– Will Clemente (@WClementeIII) July 25, 2021

During this time, not all traders have banked. Data from the Bybt market tool shows that nearly $ 1 billion of short-term traders betting on a market downturn was liquidated this morning, with $ 480 million coming from Bitcoin transactions alone.

Then there was the strange. The Bitcoin futures markets on Binance saw a temporary price wick of up to $ 48,000, arguably liquidating thousands of traders who may have posted their stop losses much higher than current prices.

I just woke up…

So what exactly happened here? $ BTC #Binance pic.twitter.com/spT1ynVaRT

– Nyuu (yuNyuuRoe) July 26, 2021

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