It has been a pretty interesting few days for all cryptocurrency markets. With most currencies noting small to medium gains, a trend reversal appears to be on our hands. As of right now, some coins are nothing some big gains as of right now, including Cardano. With the Cardano price shooting up by nearly 19% in the past 24 hours, things are looking good once again.
Cardano Price is Moving Up Nicely
It has become evident there are a few currencies out there which will rise in value quicker than the rest. This is especially true where lower-cap currencies are concerned, but it also applies to higher-ranked altcoins as of right now. The Cardano price is looking pretty solid right now, thanks to another solid 18.96% gain over the past 24 hours. It is evident there is a genuine demand for this particular altcoin as of right now, and the value may continue to rise for quite some to come.
With this recent increase, we are now looking at a Cardano price of $0.22. That in itself is a pretty solid value, although it is still a long way removed from the all-time high of late last year. Then again, all other cryptocurrencies are suffering from a similar fate and it will take several months until things improve once again. These small gains need to be taken in stride before the market turns sour again, as the overall volatility is not over by any means.
It is also worth noting Cardano continues to gain on Bitcoin, even though the world’s leading cryptocurrency is still rising in value as well. With this 10.81% increase over Bitcoin, Cardano is certainly showing an appetite for future rice gains, albeit we have to wait and see how this situation unfolds over the next few hours and days.
With $251.83m in 24-hour trading volume, the demand for Cardano appears to be more than genuine. This trading volume is relatively low for this currency, although it is more than acceptable given the overall market trend.With this current trading volume, it is safe to say there is a genuine demand for Cardano right now, although it remains to be seen how all of this plays out in the long run.
As of right now, the biggest exchange for Cardano is Upbit. Their volume is nearly six times as high as that of Binance, and over ten times as high as the volume of Bittrex. It is evident the South Koreans are mainly driving the demand for Cardano right now, but that doesn’t have to be a big thing per se. The bigger question is whether or not we will see other exchanges increase their trading volume for ADA in the coming hours.
As of right now, we have to wait and see how things will unfold for the Cardano price. Right now, there seems to be sufficient momentum in place to effectively push the Cardano price a bit higher, although one has to keep in mind things can turn around at any given moment. There will be some profit taking along the way in the next few hours, but that won’t necessarily impact the Cardano price in a negative way.