Why Is Cardano On The Rise Today Even As Bitcoin, Ethereum Trade Lower?

Cardano ADA/USD traded 7.39% higher over 24 hours at $1.66 leading up to Thursday night.

What’s Moving? The Charles Hoskinson-created cryptocurrency has risen 0.94% over a seven-day trailing period.

ADA gained 9.24% and 10.3% against Bitcoin BTC/USD and Ethereum ETH/USD respectively over 24 hours.

ADA trading volumes rose 125.03% to $3.74 billion over 24 hours, as per CoinMarketCap data.

Since the year began, ADA has shot up 851.98%. It has fallen 14.61% over a 30 day period and lost 43.06% of its value in the last 90 days.

In September, ADA touched an all-time high of $3.10. The cryptocurrency traded 46.19% below that level at press time.

See Also: How To Buy Cardano (ADA)

Why Is It Moving? ADA moved higher even as major cryptocurrencies traded in the red with the global cryptocurrency market cap decreasing 1.46% to $2.59 trillion at press time.

ADA was the fourth-most mentioned coin on Twitter at press time, as per Cointrendz data. It attracted 2,307 tweets.

The three most mentioned coins were Bitcoin, Ethereum, and Solana, which attracted 4,412, 4,098, and 2,604 tweets, respectively. 

Hoskinson has been touching on various developments related to Cardano lately. On Tuesday, he doled out an explainer, in the form of a Twitter video, on a new Cardano-based fundraising mechanism that makes use of Initial Stake Pool Offering (ISPO). 

Cardano, often categorized as an Ethereum-killer, received smart contract functionality with the Alonzo hard fork in September. Hoskinson has also touched on DApp development and security in a recent video. He said DApps could hit the “market very soon like within weeks to months.”

On Thursday, Hoskinson once again touched on the certification and standardization of DApps through a tweet. The Cardano founder bemoaned fear, uncertainty, and doubt afflicting the cryptocurrency project and was critical of the disinformation surrounding Cardano.

Notably, Cardano is set to be delisted from the eToro cryptocurrency exchange by the end of the year.

Read Next: Solana Trust by Grayscale Investments Launches With $9.5M Under Management

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBitcoincardanoEthereum
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!