Cardano (CRYPTO: ADA) is trading higher by 4.05% to $0.42 Thursday afternoon. Several altcoins are trading higher on continued upward momentum in cryptocurrencies. Bitcoin crossed above $30,000 for the first time in 2023 during Monday's trading session.

Crypto may also be trading higher in sympathy with the broader U.S. market following a decline in the producer price index for March, which has eased some inflation concerns.

See Also: Here's How Much $100 Invested In Ethereum Today Will Be Worth If It Hits New All-Time Highs