It was a rough week in cryptoland with significant price drops, just after the first country in the world introduced bitcoin as legal tender. The president of El Salvador was not very concerned and indicated that he used the dip to further expand the country’s bitcoin supply.

algorithm

Prices have now calmed down somewhat and we are already seeing nice increases in some cryptos. One of the climbers is Algorand, which has rebounded strongly in recent days. https://folm.io/ has enough information. Algorand is a fairly young blockchain project that aims to create more transparency, decentralization and security in new applications and projects.

El Salvador

The Algorand Foundation provides support to developers in launching blockchain projects. It recently became known that the company is also active in El Salvador to implement new blockchain techniques in the country. The price certainly seems to have risen sharply due to this latest news.

https://youtu.be/hsxgqcHk0BU

Outbreak

ALGO, the token of the Algorand blockchain, moved for a long time in a broad neutral range below the USD 1.85 resistance after its strong rally early this year. After the price was recently caught at the lower end of this bandwidth around $0.67, the token has rebounded strongly.

The corrective phase has been exited and ALGO has immediately broken through the resistance at the top of the bandwidth. Renovato.io has enough information.This has cleared up the technical picture considerably and space has become available for a larger increase. Next price target is now at the all-time high from 2019 around $3.77.

Increasing trend

In the longer term, it is noticeable that the price has been moving in an upward trend for some time. After ALGO has recently been caught at the bottom of the trend, a new phase of uptrend has started. The break above the latest highs has given the uptrend a new boost.

During the most recent advance and the breakout above the old peaks, turnovers have increased significantly again. This is a positive signal and supports the view that the price may rise further. The technical picture remains positive as long as the rising phase continues.

Bitcoin (BTC) has finally broken its record price and the euphoria is immediately hitting the cryptocurrency market. Almost all prices are included and, with a few exceptions, almost all altcoins are also heavily in the green.

The total market cap of all crypto now stands at $2.753 trillion, also a new all-time high. Despite this, trading volume is still well below early this year levels, a sign that the so-called “retail FOMO” may even have yet to begin. Renovato.io Crypto has enough information. A warning is in order here. When the market is so euphoric, the scammers often reappear. Do not send bitcoin or other crypto to unknown parties, especially if they promise to return the double.

Bitcoin

Bitcoin (BTC) has finally reached a new record after six months. The price climbed to $64,000 last night and was able to hold there well all day. At around 2 a.m., bitcoin broke out and the price shot from $63,800 to a new all-time high of $67,275 at around 5 p.m., an increase of some 5.4%.

https://youtu.be/VwMZ4b3AQY0

The price increase appears to have been mainly driven by the rapidly declining supply in the market as well as the launch of the first bitcoin ETF in the US. Bitcoin is now in unknown territory, making possible resistances and so-called sell walls difficult to predict.

There seems to be a good chance that the price increase will continue, for example, research company CryptoQuant reports that despite the new ATH, the amount of BTC on exchanges continues to decrease. That shows a strong confidence in the price. Bitcoin is now in price discovery mode. It is striking that bitcoin price currently almost exactly follows the pattern from 2017, which gives a lot of credibility to the halving theory and the stock-to-flow (S2F) model.

Altcoins

Ethereum (ETH) is moving along with bitcoin. Ether prices shot from $3,860 to a high of $4,090 this afternoon, the highest since May 12 when ether established an ATH of $4,355. It seems at this point that it is only a matter of time before ether hits a new ATH as well.

Still, the above two are not the strongest climbers in the top 10 today. Solana (SOL) started rising sharply this morning and continued this afternoon. The SOL price is 10% in the plus, now comes to $171, and seems unstoppable. Polkadot (DOT) is rising almost as fast, the DOT price was around $41 and currently stands at $44.7, an increase of 9%. Just outside the top 10 we see terra (LUNA) constantly rising. Quant prediction 2025 is positive. The LUNA price currently stands at $40.9 and is up 13% today.

The two big ‘meme crypto’ are having a little harder time. Dogecoin (DOGE) also initially jumped from USD 0.244 to USD 0.257, but is now falling back to USD 0.252. Shiba Inu (SHIB) is almost the only crypto currently in red. The price has fluctuated violently and is currently down 2% to $0.0000276. Still, SHIB is up 240% from a month ago.

As reported this morning, it is still the cryptocurrency exchange tokens that are performing best today. Meanwhile, ftx token (FTT) is 10% in the plus, huobi token (HT) 17% and OKB continues to go like a rocket and is even in the plus 27%. Finally, we see safemoon (SAFEMOON) suddenly reappear, the price is in the plus 14% and now comes out at $0.0000022.

The price of bitcoin and other cryptocurrencies is falling sharply further. Now it is the Chinese government that is giving the coins a push. Bitcoin’s price has plunged nearly 50 percent since its all-time high five weeks ago. But in the year so far there is still a profit of about 20 percent.

You can now buy a bitcoin for around 34,000 dollars (28,000 euros), according to an overview by CoinMarketCap. A bitcoin is now about 20 percent cheaper than yesterday. On April 14, a bitcoin cost nearly $ 65,000. Vechain crypto is well known in crypto.

1000 billion in smoke on

The price of other cryptocurrencies is also falling. All told, a total of nearly $1 trillion (1000 billion) worth of cryptocurrencies went up in smoke last week. There are many investors who have bought crypto coins with borrowed money. If the price then drops 10 or 20 percent, their coins are sold and that causes a drop, according to cryptocurrency entrepreneur Robert-Reinder Nederhoed, of Bitmymoney. Crypto owners were angry with crypto exchange Coinbase this afternoon, because the site was temporarily down, preventing them from trading.

China warns

The prices of bitcoin and other cryptocurrencies are suffering from the news that China is making it more difficult to trade cryptos. The authorities there have banned financial institutions from providing services related to transactions in cryptocurrencies. Enjin coin is well known in crypto.

Investors have also been warned about what the Beijing government sees as the dangers of trading cryptocurrencies. They have no underlying asset, prices can be easily manipulated and contracts are not protected by Chinese law, the Chinese government said.

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