It seems all cryptocurrencies are still going through a bullish phase as of right now. With the Bitcoin Dominance Index on the decline, the altcoins are slowly making their mark on the industry. The Cardano price is a great example in this regard., as it has risen to $0.34 over the past few hours. A remarkable turn of events in the altcoin industry.
Cardano Price Remains Bullish
As is always the case when cryptocurrencies go through a bullish spell, there will be a brief correction afterward. In the case of the Cardano price, that correction has not been all that significant, even though there was a fair amount of bearish pressure earlier this week.
With the Cardano price dropping from $0.32 to $0,265, not much has been lost when all markets went through a steep dip, but it is evident the volatility still plays an integral role in the cryptocurrency world. Ever since that dip, the Cardano price has been moving up steadily. As such, it is now sitting at just under $0.35, and may surpass that value sooner rather than later.
Thanks to another 15.39% gain over the past few hours, the Cardano price is extremely bullish all of a sudden. The currency has also gained 13.54% over Bitcoin, which is interesting to take note of. It is good to see multiple cryptocurrencies rebound so strongly after the dip, as there were some concerns over how this market would evolve after that sudden bearish momentum.
With $336.85m in 24-hour trading volume, things look pretty good for Cardano. It is not the highest trading volume this altcoin has ever seen, but it is far from the worst. If the volume continues to increase at a steady rate, reaching a Carano price of $0,35 and higher is not out of the question over the course of this weekend.
The way things stand right now, most of the ADA trading volume originates from the Upbit platform. Its lead over Binance’s BTC market is almost $100m, and Binance’s USDT pair is even further behind. South Koreans are turning extremely bullish on cryptocurrencies once again, which is a positive development given the semi-harsh regulatory crackdown late last year and in early 2018.
If this momentum can remain in place, the Cardano price will undoubtedly continue to rise. However, with this somewhat low trading volume mainly coming from one exchange, it seems as if this brief pump cycle may run out of steam pretty quickly. Profit-taking is always a smart idea when it comes to altcoins, although Cardano price speculators may want to hold on to their ADA as well.