MPost Markets: Cardano’s ADA price spikes; bitcoin on the rise

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MPost Markets: Cryptocurrencies enter period of consolidation

All cryptos are doing remarkably well.

Cardano’s ADA seems to be the winner today, as the price has spiked 23.12%, and the coin has surpassed XRP’s market cup by more than $1.5B. There are two main reasons behind this sudden massive upswing: “a rise in the issuance of native assets on the network” as well as the upcoming Vasil hardfork, which is expected to increase scaling abilities, CoinDesk reports.

Bitcoin price fluctuations. Source: Glassnode.

As seen above, last week’s bitcoin prices fell as low as $28,261, with the highs of $30,710 experienced on Monday. And it seems the positive trend continues today; the coin is currently experiencing a 3.44% rise and is currently trading at $31,758.02. The seven-day 8.65% rise is also impressive. Trading, however, still remains “both lacklustre, and stable,” as per the newest Glassnode report, with “the transaction activity of the network is dominated by the HODLer class, who are far more price insensitive.”

Meanwhile, Waves price has skyrocketed by 52.31%. Ethereum’s ether is nearing the $2k mark, now trading at $1,976.12. Binance’s BNB is also experiencing a moderate price rise of approximately 1%, while XRP is seeing a 5.39% uptick.  

Top crypto coins used for NFTs are also doing well—Flow price has risen by 7.83%, Apecoin APE by 0.14%, Decentraland’s MANA by 3.50%, while The Sandbox’s SAND by 5.02%. Tezos price has fallen by 2.17%. Meanwhile, Metaverse Index (MVI) is now trading at 57,65 USD, a 7.4% rise.

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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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