Cryptocurrency Market Update: Cardano to the moon as Bitcoin, Ethereum and Ripple stall
- Cardano is poised for more bullish action above $0.10 as investors look forward to staking rewards.
- Cardano set for more decentralization with the transition to the Shelly mainnet.
- Bitcoin stalls under $9,400, Ripple hits a wall at $0.19 while Ethereum holds above $236 intraday low.
The Shelly network upgrade has elevated Cardano (ADA) to the highest ranks within the cryptocurrency market. The announcement of the upgrade a month ago saw ADA make it to the tenth-largest cryptocurrency by market capitalization. The upgrade itself pushed the digital asset into the eighth spot. At the time of writing, ADA is trading at $0.106 after a 13% spike in the last 24 hours. Cardano is holding the eight spot in the market with a market capitalization of $2.74 billion.
The Shelly upgrade has been a topic of discussion in the industry and particularly in the ADA community for some time now. The network is becoming 50 to 100 times more decentralized due to this software upgrade. In addition, users of ADA will have the opportunity to stake their tokens and earn rewards in return. Investors are likely to remain interested in the cryptocurrency as the network offers them an opportunity to earn a passive income while participating in core activities.
Read more: Cardano Price Forecast: ADA/USD explodes above $0.1 as Shelly mainnet goes live
Bitcoin market update
Bitcoin has continued to lag bullish action especially with the seller congestion at $9,400. On the downside, support has been established at $9,200. For more gains to come into the picture, bulls must break above $9,400 and keep their eyes focused on $10,000. Defending the price above $9,200 will also play a role in keeping buyers interested in the largest cryptocurrency. For now, the general trend of BTC/USD is sideways.
Ethereum market update
Ethereum price is among the worst-hit coins by the widespread selling activities across the market. Recently, the price broke above $240 but failed to sustain gains towards $245. The reversal that ensued has tested the support at $236 (intraday low). Ether is trading at $237 after losing 1.78% of its value on the day. The mission among the bulls is to kick the price above $240 first then shift the attention back to $250 in the near term.
Ripple price update
Ripple like Ethereum and Bitcoin is dealing with an increase in the selling pressure. After testing $0.19 on Monday, Ripple embarked on gains trimming exercise. Note that before the rejection at $0.19, XRP/USD has recovered substantially from $0.17 (main support). The breakdown has tested support at $0.1850 with $0.1844 being the intraday low. At the moment, XRP is trading at $0.1854 amid a building bullish momentum. For now, eyes are on $0.19 while defending $0.1850 as the short term support.
