Bitcoin
Cardano (ADA) Turns Bullish As Prices Rally Against Bitcoin
More cryptocurrencies have continued to pop up as the concept of digital currencies becomes mainstream and this time we take a look at an altcoin called Cardano. The latter is one of the lesser known digital currencies that has continued to surprise observers and investors as its price continues to demonstrate more strength.
Most cryptocurrencies have been characterized by surging prices this year and especially over the past three weeks, thus Cardano was expected to benefit. However, the altcoin has attracted some attention especially after it registered extra-strong gains that saw it rise to $0.50, marking a 76 percent gain against Bitcoin.
The gain was substantial despite the fact that its price is currently a minute fraction of the price of bitcoin. However, a 76 percent gain in terms of volumes and margins is quite significant. Cardano’s surge is interesting considering that it is not as established and well known as other major cryptocurrencies yet its price is quite high. It is also not clear what specific purpose or niche the altcoin serves, yet it has somehow made its way into the top 10 cryptocurrency list, specifically being ranked in the sixth position.
The price of Cardano managed to hit a new high of $0.57 on Sunday, marking a key milestone. However, it then plummeted to around $0.47 on Monday. The rally was quite impressive and the altcoin which is also known as ADA seems to be trading quite a lot considering that there are almost 26 billion altcoins in the market.
Cardano (ADA) Chart courtesy of coinmarketcap.com
The recent surge in ADA has aroused a lot of interest especially now that people are looking for potential opportunities to invest in. Most people are looking to replicate trading opportunities similar to those presented by bitcoin years ago when it was launched. Some of the investors who bought bitcoin in its early stages especially when it was worth less than a dollar have so far made a lot of money. People are thus looking for the next bitcoin. However, there are a few factors to consider such as the fact that Bitcoin was the pioneer cryptocurrency and it did not have any competition at the time.
Bitcoin was also made as a store of value, Ethereum is popular for its smart contract technology and Litecoin targets easy transactions. Others have focused on privacy but ADA is not well known and neither has it been said to focus on a specific niche. However, there is speculation that it might be skewed towards smart contracts just like Ethereum. Cardano has been having a fair amount of trading volume as high as $900 million. This means people are genuinely interested in it.
The recent surge in the price of Cardano might just be the beginning of a continued surge in the price could soon hit the $1 mark if it continues to gain traction.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of tom_bullock via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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