$359.65 2.13%
ETH · 1w

Crypto Market Trends: Bitcoin Support Level, Ethereum Gains, Altcoin Movement

Buyers have stepped back into the crypto market and are holding above $10K.

Each time the cryptocurrency has dropped below this level, bargain hunters have leapt into action –aggressively buying and Bitcoin pushing back up. On the chart, this price action is reflected in a series of long wicks around $10K, suggesting strong support.

Elsewhere, Ethereum is moving up. The second-largest crypto has outpaced Bitcoin again this week, gaining 4% while the world’s largest cryptoasset finishes flat. Even further ahead, small altcoins are winning big, with NEO and BNB, now correcting, making stellar gains on the back of new DeFi products.

This Week’s Highlights Altcoins flourish on yield farming frenzy Soaring hashrate hints at higher prices Altcoins flourish on yield farming frenzy

The launch of DeFi protocols on smaller blockchains is spurring demand for Ethereum’s competitors. These altcoins aim to dethrone the smart contract leader by making yield farming more accessible to the masses with lower fees and faster transactions.

NEO is up 11% this past week, with funds flowing in as DeFi project Flamingo prepares to take flight on September 23rd.

Flamingo will compete with other liquidity swap protocols, including Tron’s JustSwap and Binance’s BurgerSwap, which are finding mixed fortunes in the market. Tron has sunk 5% over the past week, while Binance Coin has surged over 30%.

Soaring hashrate hints at higher prices

As the price of Bitcoin finds support, the hashrate is skyrocketing.

Data from shows that hashrate is hitting all-time highs, with the seven-day average moving above 135 exahashes per second (EH/s) for the first time ever.

The higher the Bitcoin hashrate, the more mining power that is committed to the network, and the more secure the blockchain becomes. Historically, this increased investment in the network by miners has eventually reflected in h...

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