Cardano (ADA) Price Shoots up Despite Volatility
Cardano’s price remains extremely volatile as macroeconomic conditions decimate the crypto market. Cardano is trading at $0.3454 at the time
11 mins ago | 2 mins read
- Cardano’s price remains extremely volatile as macroeconomic conditions decimate the crypto market.
- Cardano is trading at $0.3454 at the time of writing, up nearly 2% in the last 24 hours.
The existing cryptocurrency market is in flux. The crypto has been struggling as sources indicate that the US Federal Reserve will raise interest rates by 75 bps. The price of Cardano (ADA) has remained extremely volatile. And it’s trading high and gradually turning green.
ADA Price Chart (Source: CMC)
Cardano is trading at $0.3454 at the time of writing, up nearly 2% in the last 24 hours. With a 24 trading volume of $499,924,182 and 34.31 billion ADA in circulation
Furthermore, all other coins, Bitcoin are also leading the bullish market and are trading for $19,142.02, up by 0.36%. In recent days, the BTC has been having a hard time getting to 21K. Ethereum is trading at $1,298.20, Nearly up 0.68%.
XRP is currently trading at $0.4577, up 2.28%. Additionally, Dogecoin is currently trading at $0.05924, up 0.63%. Likewise, Shiba Inu traded for $0.000009976 and as much as 1.03%. and moving into a bullish mode.
One of the biggest winners in the cryptocurrency market over the past day is Avalanche. It is now trading at $15.62 after rising by more than 3% today.
Instance for Cardano Driving Today
The crypto price is being driven by the macroeconomic perspective. The Cardano price today remains highly unstable as the US Federal Reserve becomes more dovish. Inflation continues to rise, and the Fed is becoming more restrictive. The CME FedWatch tool currently indicates a 95% chance of another 75 basis point hike.
However, as the global economy weakens, Fed officials are becoming more careful about reacting badly. Fed officials are expected to discuss a pause in rate hikes, and potentially a hinge. The Fed is also worried about the likelihood of a recession.
The market is also being impacted by the UK’s political and economic crisis, as well as China’s worsening economy. The Federal Open Market Committee will meet on November 2nd. After the meeting, the Fed will announce its decision.
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