In the world of cryptocurrencies, there are always plenty of exciting developments to keep an eye on. Over the past 36 hours, it seemed as if all markets would enter a bear market once again, but things are not looking all that bad, for the time being. More specifically, all markets are still in the green, with Cardano noting some very strong gains.
CARDANO PRICE CONTINUES TO RISE
It has become apparent April may be the moment in 2018 during which the negative cryptocurrency market momentum turns into an uptrend. While it’s still too early to draw any conclusions in this regard, one has to acknowledge things are not looking all that bad as of right now. If the Cardano price is any indication, the uptrend appears to be in full effect as we speak.
To put this into perspective, we have seen some interesting Cardano pricegains over the past week. With the value rising from $0.15 all the way to $0.25, the Cardano price has almost doubled over the course of just seven days. Albeit that is not unique in the world of cryptocurrency, it does go to show there is a lot of interesting momentum within the cryptocurrency right now.
As one would come to expect with such strong gains, Cardano is also gaining ground on Bitcoin. With another 7.54% gain in the ADA/BTC department, one ADA is now valued at 0.00003123 BTC once again. It will be interesting to see how this particular trend evolves, as there is no reason to think the momentum will turn bearish again for more than a few hours. At the same time, cryptocurrency remains an unpredictable industry first and foremost.
With $865.058m in 24-hour trading volume, it seems the money is flowing back to cryptocurrencies as of right now. This is a more than welcome change, given all of the trading volume woes we have seen in the past few months. Even so, there is still plenty of room for future corrections, which can either lead to a further Cardano price increase or decrease, depending on how the situation evolves.
As of right now, Upbit is leading the charge in terms of ADA trading. Its lead over Binance is quite substantial, which won’t surprise too many people. Bittrex is in third place, although it generates around 7% of UpBit’s volume. The demand by South Korean traders for cryptocurrencies has been remarkable for some time now and it seems things are not slowing down over there by any means.
How all of this will affect the future of the Cardano price, remains to be determined. As of right now, the positive momentum has been locked in place for a full week, but things can still turn around fairly quickly in this volatile industry. As long as Bitcoin continues to note small gains every day, most altcoins will continue to thrive for some time to come. Unfortunately, that also means the Cardano price heavily relies on the value per BTC, which is not necessarily a good thing.