Bitcoin remains under $50,000 as it continues to test resistance, while altcoins have enjoyed gains over Saturday.
Bitcoin managed to reach $49,500 on Saturday. However, it has been unable to break through the $50,000 mark. August has been a strong month for bitcoin as the crypto has climbed 20% since the beginning of the month. The surge in price has been favorable to altcoins, which have also seen big gains during the month of August.
Altcoins surge
While bitcoin has struggled to climb over key resistance levels, altcoins enjoyed some decent gains over Friday and Saturday. Most notable was the top 25 project, Avalanche (AVAX). AVAX was up over 30% on Saturday. The move comes off the back of a prolonged one-month bullish run for the project that sees AVAX up nearly 400%. The project is now not far from it’s all-time high. The bullish price action from AVAX can be credited to the recent announcement that the project is set to offer liquidity mining for Curve (CRV) and Aave (AAVE). With $180 million in tokens to be provided for the program.
Solana (SOL) has also enjoyed the recent bullish momentum. The project hit a new all-time high on Saturday, touching $81.25. The project continues to gain traction, having recently surged into the top 10 projects based on market capitalization. At the time of writing, SOL had a market cap of $21.6 billion.
Cardano (ADA) also reached a new all-time high of $2.58 on Friday. The project now sits behind Ethereum as the third-largest crypto project, having overtaken Binance Coin (BNB) and Tether (USDT). Cardano looks set to launch its smart contracts soon. Most likely one of the key reasons its price action has been bullish lately.