On Wednesday, the value of Bitcoin rose to the resistance of $46,500. Ethereum rose to the level of $3,250, and the price of XRP soared immediately by 18% to the level of 97 cents. The total capitalization of the digital currency market was $1.94 trillion.
The exchange rate of the ADA token rose by 20% yesterday and surpassed the indicators of all other major assets of the cryptocurrency market. The growth for the week is 33%. Now ADA is trading at $1.77, and in the second half of July it was at values of about $1. The growth of ADA is taking place against the background of the deployment of the Alonzo hard fork, which will add support for smart contracts to the Cardano network, and at the same time decentralized finance. The creators of Cardano adhere to a scientific approach in the development of cryptocurrency and launch smart contracts only now, when several competing projects already offer similar functionality. The exact launch date of smart contracts will be revealed before the end of the week. The ADA price reached an absolute maximum in May at $2.46. In addition to the general downward trend of the cryptocurrency market, the price of the token was negatively affected by unjustified expectations. In mid-2020, the developers stated that in exactly a year hundreds of assets and thousands of decentralized applications would be based on the Cardano blockchain, but this did not happen.
The American company VanEck continues its attempts to launch a cryptocurrency ETF. The new fund will not be based on direct purchases of bitcoin, but will actually become an intermediate link for Canadian ETFs. Earlier, the US Securities and Exchange Commission said that the probability of the fund's approval for cryptocurrency futures is significantly higher than the approval of the fund for direct investment in crypto assets. The first application for a cryptocurrency ETF was submitted by VanEck lawyers back in 2017, but then the regulator did not approve the launch of such a fund. But since then, the cryptocurrency industry has matured significantly, has become more regulated. At the moment, two applications from VanEck for launching direct ETFs for bitcoin and Ethereum are under consideration by the SEC. Perhaps, with the Bitcoin Strategy fund, the asset management company will be able to break through regulatory barriers.
The forecast expects a rollback of the bitcoin price to the levels of 46250, 46000 and 45500 dollars. Ethereum will decline to the levels of 3200, 3150 and 3100 dollars, and XRP - to 95, 92 and 90 cents.