Crypto On June 8: Market Once Again Green; ADA, LINK Take Lead

The crypto market turned green as of 1:07 am ET on Wednesday while Bitcoin and Ethereum, the two biggest cryptocurrencies in the market, turned green. BTC has risen by 2.60 percent in the last 24 hours while ETH has seen a price surge of 2.21 percent, according to the data from CoinMarketCap (CMC).

The market capitalization of the entire crypto space rose 2 percent in the last 24 hours and stands at $1.24 trillion at the time of writing. The number of cryptocurrencies listed on CMC is 19,775. This surge comes after a significant sell-off on June 7.

Bitcoin is trading at $30,305 and is nearing a long-time resistance that lies around the $31,000-$32,000 price region. On the other hand, we have seen BTC rebound from the $29,000 price region in the last 24 hours. The dominance of the world's biggest cryptocurrency rose to 46.57 percent as it continues to outperform the entire crypto market.

Ether is trading at a price of $1,791 and aims to reclaim the resistance region, which stands around the $1800-$2000 price level. Additionally, the dominance of the world's second-biggest cryptocurrency stands at 17.50 percent.

Cardano (ADA) and Chainlink (LINK) were Wednesday's biggest risers with ADA rising by nearly 9.4 percent while LINK rose by nearly 12.2 percent. ADA reclaimed the sixth position in the crypto market while LINK is ranked the 21st biggest cryptocurrency in the market.

The reason why LINK is up is the introduction of the staking mechanism through which the network plans to "give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens."

Another cryptocurrency that rose by significant numbers is Algorand (ALGO) which rose by more than 6 percent in the last 24 hours and is now the 29th biggest cryptocurrency in the crypto market.