Cardano on a high buying spree, explodes by 20%
The bright shining crypto traded at $1.234007, up 20.12% on the day.
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Cardano, in recent times, has been enjoying massive buying pressure amid the record sell-offs sighted in other crypto assets like Bitcoin, Ethereum, and others.
The fast-rising valuable crypto asset has witnessed a fresh wave of buying sprees, seeing its price post near a new all-time high.This makes it the fourth-ranked crypto by market value.
READ: Football-based Crypto, is world best performing Crypto in 7 days At the time of writing this publication, the bright shining crypto traded at $1.234007 up 20.12% on the day.It was the biggest one-day percentage gain since February 20.Such gains pushed Cardano’s market value to $37.2 billion or 2.17% of the total cryptocurrency market valuation.At its highest, Cardano’s market value stood at $41.6 billion.For the day, Cardano is between $1.001835 and $1.234091.
For the week, Cardano has printed limited upside gains of 0.26%.The volume of Cardano traded for the day to the time of writing was about $5 billion or 3.74% of the total volume of all crypto assets.
READ: List of Cryptos expected to outperform many financial assets in 2021
The widely known crypto among retail investors recently achieved this after a hard fork called “Mary” on March 2.
This hard fork will permit crypto users to create tokens that can run on the same blockchain as Cardano’s native token, ADA.This now means Cardano shares close similarity with Ethereum, which had already allowed for the creation of new tokens on its blockchain.
Highly revered crypto analyst/trader, Michaël van de Poppe, also recommended the fast-rising crypto asset.
READ: Crypto market breaks past $1 trillion for the 1st time in history
In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently, the crypto pundit told his followers on his YouTube channel:
“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up.So there’s still much more to gain for the Bitcoin pairs.
“Lately, Cardano (ADA) has been tipped to outperform, on the bias that it had its smart contract launch last month, which will lead to a significant amount of applications built on Cardano in 2021.”
This means that more developers will see it as an attractive medium for building their desired apps.
Olumide Adesina is a France-born Nigerian.He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading.Message Olumide on Twitter @tokunboadesina.
He is a Member of the Chartered Financial Analyst Society.Click to comment Your email address will not be published.
Comment Cryptocurrency Investors stand by Ripple, XRP surges by 9%
The popular crypto traded at $0.476380 with a daily trading volume of $7 billion.XRP is up 9.06% for the day.
Published Olumide Adesina
Investors are trooping into the crypto asset at record levels amid reports that reveal an ongoing legal tussle with the US SEC.
Just recently the powerful financial regulator stated that the flagship crypto and Ethereum were not securities due to their decentralized nature meaning it was safe for crypto exchanges to trade such unregulated financial assets.
However, Ripple was viewed in a different way on the bias that its development and distribution of XRP were conducted by Ripple in a centralized way.
At press time, the popular crypto traded at $0.476380 with a daily trading volume of $7 Billion.XRP is up 9.06% for the day.
READ: Most powerful financial leader takes side with CBN, says Bitcoin is untrustworthy
The crypto is currently valued at around $22 Billion.
It currently has a circulating supply of 45.4 billion XRP coins and a maximum supply of 100 billion XRP
The seventh most valuable crypto is presently traded on FTX, Binance, OKEx, Crypto.com, and HBTC.
These gains will surely calm the nerves of many XRP investors disturbed by the ongoing legal tussle between Ripple and a powerful financial regulator.
READ: How artificial intelligence is changing the narrative in forex and crypto trading
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate.The currency traded is known as XRP and transfer times are super-fast.
Ripple (XRP) plays dual roles as a payment platform and a currency.The platform is an open-source platform that was created to allow quick and cheap transactions.Bitcoin loses $7,000, pigs on rampage
For many retail cryptocurrency traders, Bitcoin was the bread-and-butter trade of the pandemic.
Published Olumide Adesina
Flagship crypto, Bitcoin, lost about $7,000 after hitting its all-time high of $61,683, as wealthy investors took some profit off the table.
At the time of writing this report, Bitcoin traded at $54,300.01 with a daily trading volume of $71.Bitcoin is down 10% for the day.
The current market value of the world’s flagship crypto hovers at around $1.013 billion.
A renowned market expert from the world’s most valuable bank points out why Bitcoin bulls seem to be suffering from exhaustion as the flagship crypto retail investors have picked up the slack amid an apparent plunge in institutional inflows so far this quarter, according to a report by JPMorgan strategist, Nikolaos Panigirtzoglou.
According to data released by JP Morgan Chase, retail investors bought about 187,000 bitcoins so far this quarter, compared to roughly 172,684 by institutional investors when using Square and Paypal data as a proxy.
READ: Bitcoin produces 4 billionaires worth at least $3 billion each
Stimulus money some days ago started hitting accounts of American citizens as that revealed Bitcoin burst higher but short-term price action reveals it’s extremely bearish now.
Stephen Innes, Chief Global Market Strategist at Axi in a note to Nairametrics gave key insights into why the sell-off is showing a high prevalence
“There were also aggressive attempts to tweet Doge higher and that coin is lower too, so it seems like there is negative momentum in the crypto space for those with a tactical time horizon.
“This failure to hold gains is worth keeping an eye on as increased mobility could be a game-changer But the sell-off may indicate that either:
A) expectations for risky asset purchases with stimulus check money could be overdone or B) a good chunk of the money is going to be used to pay down tax liabilities or C) newly printed cash will find its way into the real economy now that restaurants, Vegas, and beaches are reopening
For many retail cryptocurrency traders, Bitcoin was the bread-and-butter trade of the pandemic.
READ: $90 billion wiped off in Crypto market as Bitcoin tumbles by 5%
“Bitcoin has maintained an amazingly bullish trend that has made most winners,” said Ed Moya, senior market analyst at Oanda Corp to Bloomberg.“Retail traders got reinvigorated with the latest NFT buzz, and as the stimulus checks hit their bank accounts.”
It’s important to note the world’s flagship crypto has gained about 990% in the past year, so profit-taking at this stage seems to be a normal scenario on the account that some institutional investors are pulling out some of their gains..
