Bitcoin, Ethereum Dive As Crypto Rally Loses Speed, But Avalanche Gains Another 20%

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Cryptocurrencies are down slightly this morning, with 24 of the top 25 coins losing ground as the month-long rally shows signs of exhaustion.

Bitcoin was trading at US $ 47,817, down 2.2% from 24 hours ago. Ethereum changed hands for US $ 3,174, down 3.5%. The overall market fell 2.7% to US $ 2.08 trillion.

Bitcoin analyst Bitcoin Charts announced that BTC saw its first bearish engulfing candle on the daily charts in over a month, and it was imperative that the bulls recover US $ 48,000.

“With what I see on the charts right now, it looks like we may see a bigger pullback in the days and weeks to come,” they wrote. “If we see one, it might be healthy as we haven’t seen a significant pullback since this bullish rally started over a month ago.”

The original crypto could find support between $ 45,300 and $ 45,500, but that could change if and when there is a break down, they said.

Sydney-based market analyst Tony Sycamore of City Index saw it the same way. He wrote in his morning brief that unless BTC could break through a strong resistance band at US $ 50,000 at US $ 53,500 traders should allow a pullback to support at US $ 46,000 or even up to $ 42,000 / US $ 40,000.

In the 35 days since July 21, Bitcoin has gained 61%.

Coingecko

The AVAX pump continues

Avalanche was the biggest winner in the top 100, rising 20% ​​to US $ 54 at lunchtime Sydney time and trading as high as US $ 58.98 earlier this morning on a pair of bullish announcements.

Third-generation crypto hit an all-time high of $ 59.94 on February 10, during the first major altcoin rally of the year.

The Avalanche Foundation announced overnight that Sushi would be joining its $ 180 million DeFi incentive program, Avalanche Rush, with $ 7.5 million in cash-extracting incentives. The decentralized exchange formerly known as SushiSwap has been rolling out to Avalanche since March, but hasn’t really grown in popularity there, with the trade being dominated by Pangolin and Trader Joe.

Combining the Sushis community protocol with the high performance capabilities of Avalanches will improve the overall DeFi user experience across the ecosystem, ”Avalanche founder Emin Gn Sirer said in the announcement.

Sushi chips failed to join the rally, falling 6.9% to US $ 12.56.

Also overnight, Avalanche announced that Phase 3 of its “apricot upgrade” had gone live as planned on its C-chain, Avalanche’s Ethereum-enabled blockchain. The upgrade introduces dynamic gas charges, which are expected to reduce transaction costs by up to two-thirds. Avalanche transactions currently cost around 25c US.

AVAX is now listed as # 19 crypto on Coinmarketcap and # 18 on Coingecko. Its $ 9.5 billion market capitalization puts Avalanche neck and neck with Polygon.

On the flip side, XDC Network was the biggest loser among the top 100 coins, falling 10.7% to 15.6c.

Quant had reached an all-time high of US $ 209.76. Other tokens that set new records this morning include Coin98 and Avalanche ecosystem tokens Avaware, Avalaunch and Benqi Finance.

Luna also set a new all-time record yesterday afternoon.

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