Cryptocurrency News Update: XRP and ADA on fire, BTC lags behind

Tanya Abrosimova Independent Analyst

Here's what you need to know on Tuesday

Markets:

BTC/USD has barely changed since this time on Tuesday. The first digital asset is changing hands at $9,273 after a move to $9,380 on Monday. The coin is moving within the short-term bearish trend amid expanding volatility; Bitcoin's market dominance dropped to 62.9%.

At the time of writing, ETH/USD is changing hands at $241.20, off the intraday high of $242.56. ETH/USD has grown by over 1% in the recent 24 hours and stayed unchanged since the start of the day. ETH is moving within a short-term bearish trend amid expanding volatility.

XRP/USD is on fire. The third-largest digital asset jumped above $0.2000 during early Asian hours. At the time of writing, it is changing hands at $0.1997. XRP/USD has gained over 7% and over 6% in the recent 24 hours. Now the short-term trend is bearish while the volatility is high.

Among the 100 most important cryptocurrencies Dogecoin (DOGE) $0.0042 (+52.4%), Cardano (ADA) $0.1319 (+23.5%), VeChain (VET) $0.0176 (+17.4%) are the most successeful . The day's losers are KuCoin Shares (KCS) $0.7950 (-6.7%), Loopring (LRC) $0.0950 (-4.9%), Verge (XVG) $0.0069 (-4.4%).

Chart of the day:
XRP/USD, 1-hour chart

Markets

Cardano (ADA) catapults above $0.1000 during early Asian hours as strong bullish momentum is growing. The coin is supported by a series of positive fundamental developments, including the release of Daedalus wallet V. 1.2.0-STN1 for the Cardano Shelley testnet with staking functionality. The Shelley code is also implemented in the mainnet of the project, though the activation process is tom finished yet. At the time of writing, ADA/USD is changing hands at $0.1315 and takes the 6th place in the global cryptocurrency rating. The coin has gained over 23% in the recent 24 hours.

Dogecoin (DOGE), a joke coin based on a popular meme with a Shiba Inu dog, went wild and surged more than 100% to $0.0047 on Monday. At the time of writing, the coin is changing hands at $0.0041 and takes the 27th position in CoinMarketCap's rating. Wild moves of the coin were triggered by TikTok videos where users are encouraged to pump DOGE. Some experts believe, that Dogecoin phenomenon is not a typical pump-and-dump scheme, but more like a Robinhood-like price manipulation.

It is more like a stock manipulation scheme where the participants are mostly aware of the risks and willingly participate, Insider Monkey cofounder and editor Meena Krishnamsetty said as cited by Gizmodo.

Industry

Over 89% of crypto holders are worried about what happens to their digital assets when they pass away, according to the latest research conducted by Cremation Institute. However, the younger generation is less likely to have a plan in case of sudden death. Over 50% of Zoomers have no instructions for their digital assets when they pass on. Meanwhile, about 90% of older generations reported having a plan to pass on their crypto holdings.

Regulation

Japan`s Financial Services Agency will have a crypto-friendly leader. Japanese government appointed Ryozo Himino as a commissioner of Japan's Financial Services Agency (FSA), Jiji Press reports. Himino is known for his positive approach towards digital assets. Namely, he supported the idea to invite Blockstream`s Adam Back to a seminar last June that took place during G20 meeting in Fukuoka, Japan.

Author

Tanya Abrosimova

Independent Analyst