Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours

Christian Encila

2 years ago

2 mins read

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Cardano (ADA) price has skewed way up by over 8% in the past 24 hours; peaking at $0.51. ADA has now outstripped XRP in terms of market cap with now valued at $17.6 billion and XRP at $17.5 billion.

Nevertheless, ADA still suffered a massive decline of 83% from its all-time high in September. The upcoming launch of hard fox seems to be the impetus for the recent price spike.

It was supposed to be launched in June but was postponed because of some technical problems. The date of the hard fork launch will be announced soon by the Input Output team.

ADA Trading Between Two Critical Levels

For the first time, XRP was scrapped from CoinMarketCap’s top 5 list in February due mainly to U.S. SEC controversies and lawsuits. Now, Ripple has decided to hedge on Cardano. ADA price peaked last year which in turn powered up smart contracts on the blockchain.

Still, ADA has a lot of catching up to do in order to keep up the pace with BNB that currently has a market cap of $42 billion. Cardano’s price ended Sunday in the red at -$0.005. It closed in red for the second consecutive time seen in the last three days.

ADA price is currently trading sliced between two critical levels. And the bulls are trying to revert to the $0.64-$0.67 range. On the other hand, the bearish ADA traders are seeking to pivot and dispatch ADA’s price down testing the $0.395-$0.43 range.

In 2021 this exact date, ADA price was at $1.22. The average ADA price seen in the past 30 days was at $0.47 which is up by 8.89% following the same span of time.

ADA total market cap at $16.5 billion on the daily chart | Source: TradingView.com

ADA Spikes By 25% In Last 7 Days

ADA price spiked by 25% last week, followed by massive liquidations. While the price reversal pushed the price lower, the bears did take the blows while trading the coin. ADA ended the week in flying colors as it skyrocketed by 25%. ADA price also managed to maintain its price at $0.5.

With that, Cardano outperformed its competition and now ranks as the sixth most significant coin in terms of market cap at CoinMarketCap. It has a current capitalization of $17.7 billion which keeps ADA ahead of SOL, DOGE, XRP, and BUSD.

So, will Cardano continue to dash in the green light? Well, it will all depend on the condition of the crypto market. ADA traders are very optimistic and vested in ADA but apart from upgrading the Vasil network, the Cardano community is also weathering the crypto winter and economic recession.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

 Featured image from NewsCrypto, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.