5 Trending Cryptos: Bitcoin & Ether Fall amid BlockDAG’s Team Reveal

One should follow the top trending cryptos to better understand the complexities of the crypto market. While Bitcoin and Ethereum face declines and XRP is mired in SEC settlement rumors, Cardano and BlockDAG are trending for noteworthy updates. 

Cardano approaches its Chang hard fork, promising significant enhancements. Meanwhile, BlockDAG is gaining attention for its recent team reveal, showcasing the masterminds behind this advanced technology and boosting presale numbers. Join in and get more details. 

1. Bitcoin Falls Below $60

Bitcoin’s recent performance has seen significant turbulence, with its price plunging below $60,000. On Monday, Bitcoin hit a low of $60,657, and later, it fell further to $59,306, resulting in a 7.5% daily loss. This sharp decline wiped out all gains made since early May. 

The market downturn intensified as Germany transferred 6,500 BTC to exchanges following a large seizure. Furthermore, Mt. Gox’s announcement to begin distributing stolen digital assets in July. These events have led to a notable contraction in the market, highlighting the volatility and challenges facing Bitcoin. 

2. Cardano’s Developments

Cardano’s development follows distinct phases called “eras.” Each era introduces major advancements and has a different name. Byron, Shelley, Goguen, Basho, and Voltaire.

The Chang hard fork, the first sub-era of Voltaire, allows Cardano holders to vote on protocol changes and delegate voting power. It enhances the smart contract platform with PlutusV3, improving security and efficiency, and refines transaction fee calculations, increasing network capacity. Historically, ADA’s price tends to decline after upgrades, adding uncertainty to future trends.

3. Ethereum Follows Bitcoin

Ethereum is facing a potential downturn if it falls below the $2,100 mark. On August 3, its price closed below daily support at $2,927, dropping 7.4% the next day. By Monday, it had fallen 14% to $2,321, testing the weekly support at $2,118. If Ethereum closes below this level, it may decline another 8.7% to retest the next support at $1,935. 

Momentum indicators like the Relative Strength Index (RSI) and the Awesome Oscillator have fallen below neutral levels, signaling a bearish trend. However, if Ethereum closes above the $3,396 high of July 29, it could shift market sentiment, potentially driving a 5% rise to retest the July 22 high of $3,562. 

4. XRP and the SEC

Rumors of an XRP settlement with the SEC resurfaced following a significant token release from Ripple’s escrow. Last Friday, 1 billion XRP, valued at approximately $579.43 million, was unlocked, leading to an 8% price drop and breaching the $0.6 support level. The SEC demands a $1 billion penalty from Ripple for alleged violations, while Ripple is willing to settle for $10 million. 

Legal experts, however, find a settlement unlikely. Pro-XRP attorney Bill Morgan suggested any settlement would be a compromise, not a victory. The legal battle’s outcome remains uncertain, with potential appeals expected from both sides.

The release of the team behind BlockDAG has propelled it into the spotlight as one of the top trending cryptos. This advanced technology has captivated crypto enthusiasts, especially with the high-profile team members leading the project. BlockDAG’s presale has already raised over $65 million, showcasing significant investor confidence. Antony Turner, the CEO of BlockDAG, highlighted what sets this blockchain apart. 

“Enhancing Proof of Work in BlockDAG involves addressing its current limitations while leveraging its strengths. By focusing on energy efficiency, decentralization, fairness, scalability, adaptive difficulty, and hybrid consensus models, we can create a more robust and sustainable blockchain ecosystem. We’re basically Bitcoin on steroids, but
low cost.” 

Turner also mentioned that detailed information about their consensus mechanism will be revealed in the coming weeks, adding to the anticipation surrounding BlockDAG. 

Parting Thoughts

With the fluctuations of Bitcoin, Ethereum, and XRP, concerns about a repeat of last month’s crash persist. As Cardano advances to the next stage in its development, BlockDAG emerges as the crypto to watch. The recent reveal of its leading team and the significant rise in presale numbers highlight its potential. These factors position BlockDAG as a leading investment opportunity for 2024. Staying informed on its progress could prove crucial for those seeking to capitalize on this advanced new technology.

Invest in the BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu