Altcoins
Cardano (ADA) price gets stable after Kraken exchange listing
The crypto market activities began in greenish-style on last Friday as most of the cryptocurrencies trading that time were in the green while increasing by minimal percentages. One of the cryptocurrencies experiencing a smooth activity since then is Cardano (ADA).
At the time of writing, Cardano is priced at $0.085 with a market cap of $2,213,223,331. In the last seven days, Cardano (ADA) saw a market surge of more than 10%. Hence, this is good news for Cardano users as their token has increased its value as well the reach. Still, it is essential to know that Kraken is just a nice little addition as exchanges such as Binance and UpBit have a majority of its trading volume of more than 20%.
We do know that in the past few weeks, Cardano (ADA) hasn’t been at its best as it was formerly trading at $0.07. And as things seem, its recent price stabilization is basically because it has currently been listed on Kraken Exchange. Cardano (ADA) started trading on Kraken with QTUM (QUTUM), and the ‘big’ news has made both cryptocurrencies surge.
Cardano’s listing on Kraken gives it the ability and access to fiat trading pairs as well as digital assets since it will get traded with Bitcoin, Ethereum, USD, etc.
It is important to know that Kraken is a cryptocurrency-exchange company based in the United States. The exchange operates in countries such as Canada, Europe, Japan, and the United States. Kraken is also a prominent crypto-exchange. It has a daily volume of $160 million, and it is fully supported in Europe.
The crypto-exchange platform has decided to add Cardano and QTUM to its platform to boost its network. It is good news for both the exchange company and also these newly listed digital assets.
Kraken announced this in an official blog post:
“We are pleased to announce that Kraken will list two new digital assets – Cardano (ADA) and Quantum (QTUM)”
Start timing for trading and funding
Both funding and trading will immense simultaneously for both digital assets. The estimated global launch time is:
Friday, September 28 at 6:00 am – PST
Friday, September 28 at 9:00 am – EST
Friday, September 28 at 1:00 pm – UTC
Friday, September 28 at 3:00 pm – CEST
Friday, September 28 at 9:00 pm – HKT
Additionally, Kraken is also making progress in the cryptocurrency sphere as it replied through its official Twitter page to the proclamations of Barbara D. Underwood, New York Attorney General. The exchange Tweeted,
Thanks to the NY taxpayer for funding this research — saved our Product team a lot of time, and we got some interesting non-public info on our competitors. Excellent overview of issues, and a nice list of 'Questions Customers Should Ask' on pg 32. https://t.co/S5XxopBEyC
— Kraken Exchange (@krakenfx) September 19, 2018
Technically, Cardano has seen dips in the past three months, but following the listing news on Kraken, it has bounced off the channel; at the moment, there is a pullback to the 61.8% FIB level or to the lower end of the channel again. Its MACD has turned bullish, so a small pullback is probably what is needed to propel this digital coin higher on the next move.
In the past, there have been some bullish predictions that ADA will attain $1, but the long bearish trend in the market significantly affected its price. With Kraken listing and other recent developments around the cryptocurrency, we hope there will be some positive changes in the price of Cardano (ADA) very soon.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Chris Barbalis on Unsplash
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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