• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Cardano

Cardano (ADA) Surges 30% in 24 Hours, Surpassing Bitcoin SV

Nick Chong by Nick Chong
7 months ago
in Cardano
Reading Time: 2min read
Ethereum defi
Advertisement
Listen to Article

Bitcoin has stagnated around $9,300 but this hasn’t stopped Cardano (ADA) from surging higher. The altcoin is up over 30% in the past 24 hours, surging higher on an influx of buying volume across all major exchanges.

With the latest move higher, Bitcoin Satoshi’s Vision (BSV) has been unseated as the sixth-largest cryptocurrency.

Data from Messari’s OnchainFX and CoinMarketCap show ADA is now the sixth-largest cryptocurrency. Its reported market capitalization is $3.92 billion — $500 million higher than that of BSV.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Top seven cryptocurrencies by market capitalization from Messari (OnchainFX)

Considering that ADA is the only cryptocurrency in the top 10 that is pumping, it is no surprise itis passing its competitors.

What’s Behind the Move?

Behind ADA’s strong performance in the past 24 hours and over the past few weeks is one thing, according to analyst Luke Martin.

The CNN-featured cryptocurrency trader wrote discussing the chart seen below:

“$ADA & $XTZ have been two of the most memorable large cap pumps in the last year. Both come down to one thing: staking/baking. What large cap alt will be the next to launch their staking?”

Image

ADA/BTC chart by Luke "Venture Coinist" Martin (@venturecoinist on Twitter). Chart from TradingView.com

Martin is referencing Cardano’s “Shelley” upgrade, which has been likened to Ethereum’s 2.0 upgrade.

Shelley promotes the decentralization of the Cardano network through ADA staking. Staking is when users allocate their cryptocurrency to a node and earn rewards for processing blocks. Staking is not yet live on Cardano, though it is expected to be launched by the end of this month.

Investors en-masse are buying into Cardano seemingly to participate in staking, which produces passive income for those that participate.

On-Chain Metrics Signal More Upside Is to Come

From a technical perspective, few are too sure what comes next. As Cardano has moved so fast, analysts have been slow to react.

But on-chain and exchange data suggest that ADA has room to rally, despite it already gaining 250% since the start of 2020.

Blockchain analytics firm IntoTheBlock reports that five of seven of its core metrics are currently “bullish.” These metrics are as follows:

  • Net network growth: an indicator that tracks the growth of the Cardano blockchain
  • In the money: an indicator that tracks the profitability of ADA holders
  • Smart price: an implied price formed by order book data
  • Bid-ask volume imbalance: the weighting of buy orders vs. sell orders
  • Futures market momentum: the open interest, volume, and price of a cryptocurrency’s derivatives market
Related Reading: The S&P 500 Just Formed a Crucial Breakdown — and Bitcoin May Follow
Featured Image from Shutterstock
Price tags: adausd, bsvusd
Charts from TradingView.com
Cardano (ADA) Passes Bitcoin SV, Surges 30% in a Single Day
Tags: adausdBitcoin SVbsvusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Cardano Protocol Hard Forks in Preparation For Goguen Upgrade

Cardano Protocol Hard Forks in Preparation For Goguen Upgrade

1 month ago
Small Cardano Stake Pool Operators Raise Concerns Parameter Increase

Small Cardano Stake Pool Operators Raise Concerns Parameter Increase

2 months ago
New Contender Emerges Despite Wikipedia’s Begrudging Listing of Cardano

New Contender Emerges Despite Wikipedia’s Begrudging Listing of Cardano

3 months ago
New Cardano Roadmap Puts March 2021 Date For Goguen Mainet Rollout

New Cardano Roadmap Puts March 2021 Date For Goguen Mainet Rollout

3 months ago
Hoskinson Estimates March 2021 For Full Decentralization of the Cardano Network

Hoskinson Estimates March 2021 For Full Decentralization of the Cardano Network

3 months ago
Hoskinson Accuses Wikipedia of Censorship Following Refusal to List Cardano

Hoskinson Accuses Wikipedia of Censorship Following Refusal to List Cardano

3 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Coinbase Custody to Support Dvision Network (DVI)

January 26, 2021

A New Year – New Opportunities in Crypto

January 26, 2021

1xBit Introduces New Live Casino Tournament DEAL OR NO DEAL

January 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.