Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Cardano Leads Market Recovery

CryptocurrencyMay 31, 2021 10:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Cardano Leads Market Recovery

  • Cryptocurrencies are recovering from a bad run driving up the market capitalization to $1.6 trillion.
  • Cardano (ADA) is at the front of this market recovery, hitting $1.7 after a 17% growth this weekend.
  • The sudden rise close to Memorial Day Monday now indicates that experts were wrong about a pre-Memorial Day sell-off.
  • The Alonzo smart contract ‘testnet’ and other developments by Cardano are pushing the coin ahead in the market.

Following a poor run in the past week, things have started to look promising again for cryptocurrencies. Bitcoin struggled under the $40,000 mark last week and it was not alone, Ethereum also experienced highs and lows in the past week.

The whole situation looks to have taken a U-turn with Cardano leading the pack. Cardano was in front on Sunday, rising by 17% to hit $1.7 and currently trades at $1.66 today.

The launch of new smart contracts for Alonzo by Input-Output IOHK is seen as the reason for the recent rise in Cardano. This recent rise in the market comes after fears of a sell-off ahead of Memorial Day Monday. Analysts were wrong and there has been no sell-off as America honors its veterans; the value of major coins continues to soar.

Cardano and the Reason for the Recent Surge

Cardano is a Proof-of-Stake blockchain network developed in 2017 by IOHK. Its native token, ADA, gives holders the right to vote on new developments and its utility has enabled its progress.

Cardano is now the fourth-largest cryptocurrency and with future developments iminent, its market capitalization is expected to rise. There are approximately 31 billion ADA in circulation. Cardano has a vision to be “50-100 times more decentralized than other large blockchains”.

The rise of Cardono on Sunday by 17% is largely attributed to the launch of the Alonzo smart contract testnet by IOHK, developers of Cardano. This is good news for ADA enthusiasts as Cardano’s latest smart contract development will soon witness the development of dApps and other DeFi solutions on the platform.

Cardano hopes to rival Ethereum with this development which is currently the leading blockchain for dApps. Ethereum’s fees are too high and with Cardano’s improved utility, it looks to be on the right track. Early adopters will have the first opportunity to test the Alonzo blue next month.

On the Flipside

  • The recent rise of cryptocurrencies may be short-lived as the whole market has been struggling in recent weeks.
  • Cardano’s bid to rival Ethereum in dApps and DeFi solutions may not happen without challenges, and certainly will not happen quickly.

A Total Market Push and the Future

Cardano isn’t the only coin that is rising in the market. While Cardano rose to 17%, other coins including popular ones also experienced their fair share of positive trending. The overall crypto market went up by over 4% increasing the market capitalization to $1.6 trillion.

The market capitalization this year has hit $2.5 trillion but recent woes have seen it drop this low. Bitcoin rose by 3.5% to over $35800 and ETH also rose 4% to $2431.

Cardano has been leading this recent rise and its market capitalization is now $52.9 billion. If these little wins continue, the market capitalization will hit $2 trillion and the future of cryptocurrencies looks promising.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Cardano Leads Market Recovery
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email