Cardano Exploded 17% To Hit $1, BTC Taps 3-Week High: Analysis

Cardano exploded 17% to hit $1 while Bitcoin tapped a 3-week high and ETH jumped above $3000 so let’s take a closer look at today’s latest altcoin news.

Cardano exploded 17% while the price dip of yesterday was short-lived and BTC went on the offensive to chart a three-week high above $43,000. most of the altcoins turned green as well with DOGE, SHIB, NEAR, and Cardano all stealing the show. It was less than a week when the primary cryptocurrency dropped to over $40,000 and the community feared that the asset could drop below the coveted line however the situation changed fast and BTC initiated a leg up and resulted in hitting $42,000. The brief retracement followed, which brought BTC to $41,000. The bulls stepped up and pushed BTC north but this time the crypto exceeded $43,000 for the first time since March 3.

ADA 24-hour Price chart (Source: Coingecko)

BTC retraced by a thousand dollars and dropped to $42,000 and it went back on the offensive hours later as it now stands at $43,000 marking a three-week peak in the same day. As a result, the market cap increased to $820 billion. The altcoins were in the red yesterday but the landscape is quite different. Ethereum touched $3000 two days ago but then failed to remain there and dropped below $2900 a day later. As of now, the second-biggest digital assets stood above $3000 once again after a 3% daily increase. Ripple, Terra, Avalanche, and Binance Coin as well as Polkadot all charted minor daily gains.

Cardano is the best performer from the bigger cap altcoins and ADA soared by almost 20% in one day after the Coinbase announcement and now stands well above $1.1. DOGE follows suit with a 13% increase and this came after BTC of America ATMs added support for the meme coin. Solana increased by 7%, SHIB by 7%, NEAr by 11% and all made some impressive gains that led the crypto market cap to hit close to $2 trillion.

Coinbase added Cardano staking rewards to its platform and has been on a listing spree over the past year, adding, ApeCoin and Wrapped Centrifuge as well. It is also buffing up the staking options while announcing that it now offers to stake for ADA which is the native crypto of the Cardano blockchain. The design uses smart contracts much like Ethereum, Solana to enable DeFi, NFT, and other activities on the network. Cardano is a proof of stake cryptocurrency which means that the network is secured by people that commit a portion of their ADA holdings to the network and in return, they receive a share of the newly minted ADA.

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