Cryptocurrency market on fire: Cardano and Ripple lead the way - Crypto Economy

The global cryptocurrency market has increased by 5.05% to more than $1.19 trillion on CoinMarketCap as it recovers from the losses brought on by the CFTC case against Binance and CZ. The top ten non-stable cryptocurrencies are all trading in green at the moment.

Bitcoin (BTC) showed hints of resiliency, rising over the crucial $28,000 barrier. It increased by more than 5% on Wednesday morning, reaching highs of $28,619 before reversing a little to its present level. Bitcoin continues to hold a market share of more than 46%.

With this remarkable move, the flagship cryptocurrency was able to nearly completely recover from the losses brought on by the CFTC case filed against the largest cryptocurrency platform in the world.

Ripple (XRP) and Cardano (ADA) lead the top 10 coins

Meanwhile, Ripple (XRP) and Cardano (ADA) are two of the top 10 coins leading the market, each with over a 10% increase over the last 24 hours.

Ripple’s XRP has been surging for a few days and is currently among the overall market’s top gainers on CoinMarketCap. It has gained about 20% in the last day and appears to be aiming toward the target $0.60 level. At the time of writing, the price of XRP is around $0.57.

Apart from the current positive market trend, the XRP token is continuing to rise in hopes that Ripple Labs, whose crypto payment network is fueled by XRP, will succeed in a case brought by the U.S. Securities and Exchange Commission (SEC).

On the other hand, Cardano’s native token, ADA, had the second-largest increase among the top 10 non-stablecoin cryptocurrencies, rising 11.37% to US$0.3872.

Several other tokens also soared. The price of Ether (ETH) increased by 4% as Ethereum developers confirmed the Shapella update, a critical release on the blockchain network, for April 14. As previously reported, among other network enhancements including decreased transaction costs, the upgrade will enable ether stakers to withdraw tokens for the first time.

Binance Coin (BNB) increased by 2.59% to $318, recouping some of this week’s losses, while Polygon’s MATIC increased by 7.76% in the previous 24 hours. The recent release of its zero-knowledge Ethereum Virtual Machine may be responsible for MATIC’s rise.

Dogecoin and Shiba Inu also surged, with respective percentages of 4.73% and 3.89% in the last 24 hours.