- Ethereum lags breakout despite smaller coins such as Tezos, Chainlink and Cardano spiking to monthly highs.
- Chainlink holds in the ninth position with a market capitalization of $2.77 billion.
The altcoin season continued with the teasing this week led by selected cryptocurrencies such as Chainlink, Cardano and Tezos. The altcoin season refers to a period where coins with smaller market capitalization compared to Bitcoin rally. The price action happens independently of Bitcoin.
Ethereum is the largest altcoin, however, its price is currently heavily correlated to Bitcoin. For this reason, as the afore-mentioned cryptocurrencies rallied, Ethereum stuck to consolidation. On the other hand, Ripple spiked from the dip under $0.17 (in the first week of July) to highs above $0.21. XRP/USD currently pivotal at $0.20 as bullish and bearish forces continue to cancel out.
Chainlink market update
LINK/USD is in the course of a retreat after hitting highs around $8.50. Tentative support at $8.00 gave in to the selling pressure, allowing losses to continue to $7.96 (market value). In just seven days, Chainlink has grown by more than 30%. The data on CoinMarketCap places LINK in the ninth position on the market with a market cap of $2.77 billion and a 24-hour trading volume of $1.1 billion. Analysts across the board say that Chainlink has reached its tipping point and is likely to tumble.
Chart of the day: LINK/USD hour chart
-637303978248777040.png)
Cardano market update
Cardano, currently the sixth-largest cryptocurrency has contained losses above $0.12 after hitting a snag above $0.14. The crypto has been trimming most of the gains it accrued in the first week of July following the launch of the Shelly mainnet. ADA/USD rally is, however, not over as investors are eagerly waiting for the launch of the public staking for ADA. This way they will be able to lockup their ADA in the network and earn rewards in return.
Tezos market update
Tezos tried to keep up with the above altcoins but lost steam marginally above $3.00. After rallying over 10% in the last seven days, XTZ/USD is back to trading at $2.90. In spite of the retreat, buyers seem to have remained in control because in the last 24 hours, Tezos is up 4%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top gainers Virtuals Protocol, Floki, Hyperliquid: Altcoins extend gains alongside Bitcoin
The cryptocurrency market sustains a market-wide bullish outlook at the time of writing on Tuesday, led by Bitcoin (BTC) and select altcoins, including Virtuals Protocol (VIRTUAL), Floki, and Hyperliquid (HYPE).
Token unlocks over $625 million this week across major projects SUI, OP, SOL, AVAX and DOGE
According to Wu Blockchain, 11 altcoins with one-time tokens unlock more than $5 million each in the next seven days. The total value of cliff and linear unlocked tokens exceeds $625 million.
TRUMP meme coin on-chain activity surged following dinner announcement: Kaiko
Kaiko Research published a report on Monday highlighting the significant impact of TRUMP's team dinner announcement on the meme coin sector. The announcement triggered a surge in on-chain activity and trading volumes, with TRUMP accounting for nearly 50% of all meme coin trading volume.
Coinbase launches new Bitcoin Yield Fund, offering investors 4–8% annual returns
Coinbase has launched a Bitcoin Yield Fund, aiming to offer non-U.S. investors sustainable 4–8% returns paid directly in Bitcoin.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.