After what appeared to become a tough afternoon of trading yesterday, the markets have responded in a positive manner. Although there is still a feeling of unease to contend with, most of the top 15 currencies are in the green over the past 24 hours. Things look especially good for the Cardano price as of right now.
A SOLID CARDANO PRICE NUDGE
With everything that been going on in the world of cryptocurrency since early 2018, the current gains should be treasured first and foremost. Any sort of positive momentum is usually pushed down immediately, and that trend was apparently forming yesterday afternoon. Even so, the crisis has been averted successfully, at least for the time being.
Looking at the current Cardano price, things may remain in the green, at least until the weekend comes around. Over the past 234 hours, the Cardano price has noted a strong 4.9% increase, pushing its value above $0.217 once again. This is still a long way removed from the all-time high of late 2017, but it’s also better compared to the prices two months ago.
It is also interesting to note how the Cardano price has climbed to this value thanks to solid gains over Bitcoin. With a 3.86% increase in the ADA/BTC ratio, the current situation looks a lot more promising than most speculators had hoped. That doesn’t mean the markets are out of the woods yet, but it is a somewhat promising sign regardless.
With $179.31m in 24-hour trading volume, there is still some work to be done when it comes to getting traders more excited about ADA. In its current form, the trading volume is sufficient to keep the momentum going for some time to come, albeit there needs to be more volume across all markets sooner rather than later. Fewer traders means there will be more volatility when someone puts in a big buy or sell order out of the blue.
The way things are shaping up right now seems to hint at how Upbit will remain the biggest exchange for Cardano trading volume. Binance has its BTC and USDT pairs in the top three as well, which is rather interesting. Huobi’s USDT pair and Bittrex’s BTC market complete the top five. Just one fiat currency pair in the top five isn’t promising, but things could be a lot worse at this stage.
For the time being, it will be interesting to see how the cryptocurrency markets evolve in the days to come. For now, there’s still positive momentum in place, but this situation can turn around at any given time. If the Cardano price holds its own above $0.215, the upcoming weekend may prove to be rather interesting.