Cardano Price: Respectable Gains Hint at More Positive Momentum to Come
For the time being, all cryptocurrencies remain in the green. That in itself is as big of a surprise as anything else the cryptocurrency industry has seen this year. Various coins are effectively surging. The Cardano price, for example, has gained a solid 8.81% over the past 24 hours. Very positive momentum for this altcoin.
Cardano Price is Flying High
Over the past few months, there has been no real positive market momentum for any cryptocurrency. Other than a small uptrend in April of 2018, nothing spectacular has happened in this industry. Even that uptrend didn’t last very long, as the market turned uber-bearish shortly after. As such, it is all the more surprising to see the Cardano price soar at this time.
With this 8.81% gain over the past 24 hours, the Cardano price has risen to $0.1525 once again. It is a very solid uptrend so far, although some of the earlier gains have been negated. That is no real surprise in this day and age, especially with so many speculators chasing short-term profits first and foremost.
This current Cardano price trend also benefits from ongoing developments in the ADA/BTC ratio. More specifically, the ratio is improving in favor of the altcoin by 3.84%. Although this is not the biggest gain in history by any means, it is still a lot better compared to how things were evolving about two weeks ago.
Albeit the overall cryptocurrency trading volume is on the decline again, the Cardano trading volume isn’t doing too bad. Just over $118m in 24-our volume is respectable given the current market circumstances. Until the overall volume peaks above $20bn again, no real changes will occur for Cardano or any of the other altcoins on the market today.
It would appear South Korea has a very strong appetite for Cardano as of right now. The Cardano price is enjoying a nice push from Upbit’s KRW pair, as well as Binance’s USDT and BTC pairs. Huobi’s USDT market ad Bittrex’s BTC pair complete the top five, albeit those latter two generate relatively low volume compared to the others. One fiat currency pair in the top five is relatively positive for ADA.
For the time being, it is unclear where all cryptocurrencies will head next. These markets have been notoriously unpredictable for nine years, and that situation will not change soon. Cardano price watchers will be quite happy with how thing are going right now, although the momentum can turn sour at any given moment.
by JP Buntinx via NullTX