- 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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.