The market value of cryptocurrencies seems to be rising without a hurdle. Cardano [ADA], Bitcoin [BTC], Ethereum [ETH], and an array of assets were seen elevating the entire crypto market cap. At the time of writing, the global crypto market cap was at $932.56 billion with a 9.13% daily increase. It was evident that the crypto-verse was on an uphill journey with $1 trillion as its next stop. Bitcoin advanced the bull run by hitting a high of $35K. Cardano [ADA], as well as Stellar [XLM], were undoubtedly the star of today’s show as both these assets were consolidating double-digit surges.
Over the course of 2020, Cardano had fallen down multiple times in terms of market cap. However, the asset seems to have found a comfortable spot as the sixth largest cryptocurrency. During press time, ADA’s market cap was at $8.67 billion. The altcoin was priced at $0.2780 with a 19.20% rise over the last 24-hours. The last seven days helped ADA bag gains of 53.04%.
Cardano [ADA] Short Term Price Chart
The one-hour price chart of Cardano revealed that the altcoin was in for a trek up ahead. The Bollinger Bands indicator suggested that ADA was prepping for an increase in volatility. The bands were seen wide apart which further indicated an improvement in volatility. The daily moving average revealed that the increased volatility would be beneficial for the altcoin. The 50 daily moving average [Blue] was seen over the 100 daily moving average [Red] forming a bullish crossover.
Furthermore, the volume in the ADA market was quite high during the time of writing.
XRP Short Term Price Chart
The ongoing SEC lawsuit against Ripple has caused hefty damage to XRP. The asset depreciated immensely over the last few days in terms of price and market cap. The Bollinger Bands indicator in XRP’s one-hour price chart affirmed that the altcoin would not endure any sudden drops for a while as the bands were diverging which indicated low volatility. The 50 daily moving average [Blue] and the 100 daily moving average [Red] were above the candlesticks which further suggested the presence of bears in the XRP market.
Additionally, the trading volume of XRP was quite low which is understandable considering the delisting of the asset from several exchanges.