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Cardano, the 10th largest cryptocurrency by market capitalization, is up more than 12% in the last 24 hours, with 2.19 billion ADA traded in this time frame, according to CoinMarketCap data.
Cardano saw a significant jump in the Wednesday session, reaching highs of $0.645, after trading at lows of $0.537 and printing a large green candlestick. The unexpected price increase helped to mitigate losses for ADA, which had fallen two days in a row to a low of $0.51 in Monday's trading session. At press time, ADA was up 8% to $0.613.
The 2.19 billion ADA traded in the last 24 hours totaled $1.36 billion, representing a 1.29% increase in trading volume. Though the increase may be minute, it remains significant as it suggests traders might be exiting the sidelines, indicating interest is returning to the markets.
This is reflected in the broader crypto market trading in the green following a relief rally on the equities markets.
Tomiwabold OlajideThe gains were extended in Thursday's trading session, as underlying U.S. inflation dropped significantly in March, signaling some reprieve for markets.
The consumer price index, excluding volatile food and energy expenses, rose 0.1% from February, the smallest gain in nine months, according to Bureau of Labor Statistics data released Thursday. The core CPI grew 2.8% from March last year, the slowest increase in nearly four years.
Cardano founder offers market prediction
Cardano founder Charles Hoskinson, who has been in the crypto industry for over a decade and cofounded the Ethereum blockchain, predicts Bitcoin might hit $250,000 "by the end of this year or next year."
Arman Shirinyan"The markets will stabilize a little bit, and they’ll get used to the new normal, and then the Federal Reserve will lower interest rates, and then you’ll have a lot of fast, cheap money, and then it’ll pour into crypto," the Cardano founder told CNBC.
"[The crypto market] will stall for probably the next three to five months, and then you’ll have a huge wave of speculative interest come, probably [in] August or September, into the markets, and that’ll carry through probably another six to 12 month," Hoskinson explained.
Hoskinson also predicted the Magnificent 7, a group of mega-cap tech companies that includes Microsoft, Apple and Amazon, might start adopting stablecoins if key legislation is passed.
Vladislav Sopov
Dan Burgin