A genuine tug-of-war is going on between cryptocurrency market bulls and bears. The Bitcoin price has almost successfully negated the drop in value over the past 24 hours. As such, all alternative coins will reap the benefits accordingly. The Cardano price has already gone in the green, and others are very likely to follow soon.
Cardano Price Aims for $0.2 Again
The past few days have been increasingly interesting for a lot of cryptocurrencies. Although there is a brief spell of bearish momentum right now, it seems things will improve in the coming hours. All altcoins rely on the Bitcoin price to note any real gains. Once the value per BTC recovers some of its loses momentum again, things will only get more interesting. The Cardano price already shows positive momentum is forming despite people not necessarily expecting it.
Over the past 24 hours, the Cardano price has increased by 3.87%. It is a very interesting gain, especially when considering how the value of Bitcoin is still in the red, albeit ever so slightly. For the Cardano price, this gain pushes the value back to $0.186, and it may even go as high as $0.2 in the near future. There is still plenty of work ahead to reach that goal, although nothing is impossible in the cryptocurrency world these days.
Unlike most altcoins, Cardano is also noting net gains compared to Bitcoin. That in itself is rather surprising, although it is only to be expected at this point in time. Cardano is one of the few altcoins which has always maintained a bullish ratio over Bitcoin first and foremost, although that situation will always remain subject to change first and foremost.
Thanks to increasing overall cryptocurrency trading volume, Cardano is seeing a healthy increase in trades as well. The altcoin generated $0.325.7m in trades over the past 24 hours, which is pretty interesting. This is virtually on par with some other altcoins which consider those figures to be on the low end of the spectrum. For Cardano, it is this kind of volume which allows the altcoin to see a healthy price nudge in the past few hours.
No one will be surprised to hear Upbit is leading the Cardano volume race, as it generates 42.5% of all trades. Binance dominates second and third place for a combined 37% of trades. Huobi’s USDT and BTC pairs complete the top five, with 21.5% of trades. A very interesting mix of pairs, although it remains to be seen if they can sustain the current Cardano price momentum for much longer.
As is always the case, it remains to be seen how the Bitcoin price evolves. If that turns out to be a positive development, the Cardano price is likely to keep moving up alongside with it. For the time being, the momentum looks promising for the Cardano price, although things are always subject to change in the cryptocurrency world. The remainder of this week will undoubtedly get very interesting.