A surprising trend is taking place in the world of cryptocurrency right now. After multiple days of major setbacks, it now appears the situation is slowly improving. The Cardano price, for example, has suddenly increased by 7.5% over the past 24 hours. A very surprising turn of events, although a welcome sight for sore eyes.
The Cardano Price Suddenly Turns Bullish
Given all of the negative momentum affected all cryptocurrency markets throughout 2018, any uptrend is considered to be an anomaly these days. It is evident things are not heading in the direction most people would like it to, albeit the current 24-hour trend shows some signs of a short-term promise. If the Cardano price surge is any indication, the situation will undoubtedly get pretty interesting moving forward.
To put all of this into perspective, the Cardano price has increased by 7.5% over the past 24 hours. This is a pretty spectacular gain, especially because the Cardano price recently took a serious beating. Over the course of the past seven days, the Cardano price has dropped from $0.24 all the way to $0.18 and is now slowly making its way back to $0.2.
It is also interesting to note how the Cardano price is rising thanks to solid gains over Bitcoin. The ADA/BTC ratio has improved by 6.57% over the past 24 hours, which further confirms today may result in some more positive momentum moving forward. Even so, cryptocurrencies are volatile first and foremost, and that situation will not necessarily change anytime soon.
With $133.559m in 24-hour trading volume, the global demand for Cardano isn’t necessarily all that great. Considering how all cryptocurrencies contend with massive reduced trading volume these past few weeks, it will be interesting to see how things evolve for ADA in this regard. The volume is, for now, sufficient to sustain this Cardano price momentum.
The way things stand right now, Upbit is generating the most ADA trading volume. It has a small lead over Binance’s BTC pair, and the company’s USDT pair is also in the top three. Further down the list, Huobi and Bittrex complete the five with their USDT and BTC pairs respectively. A fiat currency pair leading the charge for Cardano seems to hint at a positive trend for the remainder of today,
Keeping everything in mind, it will be interesting to see how high the Cardano price will go. Any sort of positive momentum is usually pushed down pretty quickly in the cryptocurrency world these days. Assuming history repeats itself, this gain will be wiped out in pretty quick succession. If the situation turns out differently, the Cardano price could effectively surpass $0.2 pretty quickly.