Cardano Spikes 10% to Crossover $1, Riding Market Hype

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MARKETS TREND

Tuesday saw Cardano (ADA) go up 10.01% to $1.0033 at 13:19 (18:19 GMT).

That’s its biggest one day gain since January 3. Investors are back in love with the blockchain and trading is up and sentiment is positive.

The big price rise pushed Cardano’s market cap to $34.8 billion or 1.04% of the total crypto market cap. Still a long way off its peak of $94.8 billion.

Cardano’s Performance Amid Recent Volatility

Cardano’s 10% up is good but the crypto has been volatile lately. Last 7 days it’s down 3.88%. It’s been trading in the $0.9381 to $1.0036 range in the last 24 hours. While ADA’s performance has been all over the place the trading volume for the day was good at $1.169 billion or 0.86% of the total crypto volume.

Despite the recent up, Cardano’s price is still way off its all time high of $3.10 on September 2, 2021. At current price ADA is down 67.62% from its peak. But analysts are cautiously optimistic, pointing to the developments in the Cardano ecosystem as long term catalysts for growth.

Bitcoin and Ethereum Show Strong Gains

Cardano wasn’t the only one up on Tuesday. Bitcoin (BTC) is at $96,534.7 up 4.84% and Ethereum (ETH) is up 6.59% at $3,217.56. Both are looking good with Bitcoin’s market cap at $1.91 trillion or 57.16% of the total crypto market and Ethereum’s market cap at $386.5 billion or 11.57% of the total market.

Cardano Price Chart - Source: Tradingview

Key Takeaways:

  • Cardano sees a significant 10% price jump on renewed market confidence.

  • Despite gains, Cardano’s price remains 67.62% below its 2021 all-time high.

  • Bitcoin and Ethereum also show notable gains, reflecting positive sentiment in the broader cryptocurrency market.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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