Now that the U.S. markets have closed again, we naturally look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at what is going on at Cardano (ADA) and Solana (SOL) and analyze the impact on prices. Finally, we analyze the situation in the NFT market.
We also start today with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto rise
At the time of writing, the live Bitcoin price quotes EUR 19,939.52 ($20,913.95). This is 2.06 higher than during our crypto update last night.
The prices of the other top 25 crypto are also mostly up. There are some red numbers though. The biggest loss, at 1.49%, is for Cardano (ADA). We’ll share how that came about later. The biggest gain is currently for Shiba Inu (SHIB), which is up as much as 32.80%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Crypto Cardano (ADA) postpones Vasil Hard Fork.
Recently, the Cardano (ADA) price rose rapidly ahead of the Vasil hard fork scheduled for June 29. However, today the core developers announced that a number of improvements still need to be made.
As a result, the launch of the hard fork has been delayed until the end of July. In a blog, they explain the latest developments, stressing that they are not major improvements.
For example, the Cardano (ADA) price is reacting and this is expected…
Investors, as we saw, are reacting with shock at the news. The live Cardano (ADA) price is currently trading at $0.4799, a loss of 1.21% in a positive crypto market. Still, it is believed that the impact will not be too bad. We saw earlier that large price gains can occur in the period before rollout of a hard fork. This momentum is now expected to shift along with the delayed launch of the hard fork. According to analysts, the best entry point is when the price of the currency dips below its 20-day moving average over the next three weeks.
In the longer term, the Cardano (ADA) price outlook is also favorable. A lot of volatility is expected at first with bull rallies toward hard forks, but if market conditions are right, analysts say the price could rise tenfold by 2025.
Solana (SOL) action shocks crypto DeFi market
The crypto market looked startled by an action of the Solana lending platform Solend. They took over the management of a wallet that did not belong to them to prevent a fall in the Solana (SOL) share price. They also liquidated the contents of the wallet (i.e. without the owner’s permission) worth $270 million.
To seek justification for this bizarre action, the platform held a vote. This was also widely criticized, as at some point it turned out that one user had more than 90% of the voting power. This of course put a bomb under the confidence not only in the platform, but also in the decentralized status of DeFi.
Crypto investors seem lenient, but…
For the time being, crypto investors don’t seem too shocked by this bizarre turn of events. Indeed, the live Solana (SOL) price is at $36.25, which is 4.98% higher than yesterday.
Yet that does not mean everything has been said. Indeed, a new vote has now been passed to overturn the liquidation decision. While this is good news for the affected duped, it delivers even more reputational damage. We can therefore see that the bull rally is clearly weakening because of this strange course of events.
Since there is strong resistance at $38.22 one expects a bearish reversal if this resistance is not broken. After that, the price could drop to $24.52. If this support level is not enough, even a further Solana (SOL) price drop to $19.00 could take place. Thus, investors should be wary.
NFT market gets hit hard in crypto crisis
Of course all sectors in crypto are suffering from the crypto crisis we saw since April, but in the NFT sector the losses are mounting very fast. When we see that The Bitcoin (BTC) has lost some 55% in value since April we have context to the losses of 2 of the largest NFT platforms in the same period.
For example, CryptoPunks NFT lost 66% in the same period. Leader The Bored Ape Yacht Club lost as much as 75% of its value. The NFT market capitalization also declined during this period. Indeed, it was still at $3.7 billion in April, of which some $650 million now remains.
Still, experts do not think this puts the NFT in the ranks of extinct hypes. Indeed, they foresee the market maturing and expect a transformation to the NFT 2.0.
Stay up to date on the latest stock price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay updated in real time. Are you interested in other investments besides crypto? Then our weekly price forecast on Monday morning might be a reading tip. “Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest.”