Crypto Today: Bitcoin treads water near $14K, Cardano outperforms alt-coins

Trading action in crypto space stays choppy on Friday.
Bitcoin struggles to find direction.
Cardano adds nearly 20%.

Eren Sengezer FXStreet

The BTC/USD pair on Friday stayed relatively quiet and moved in a tight range around the $14K mark. In fact, most of the cryptocurrencies in the top ten in terms of market cap went into a consolidation phase ahead of the weekend as investors are waiting for fresh developments surrounding the government intervention in South Korean and Chinese exchanges.

"The ban in South Korea will impact the value of cryptocurrencies in the short term. In my opinion, the market is only now entering the "early adopter" phase. The rise in the value of cryptocurrencies in the last few months is the beginning of a global wave of awareness. As with China, South Korea's ban is an incidental and temporary damper to growth. Overall, cryptocurrencies should continue to gain global popularity and support in the long term," commented Lon Wong, President, NEM.io Foundation Ltd, as per transformgroup.io reports.

On the other hand, in a recently published article, Finder.com has predicted that Cardano would become the third largest cryptocurrency by the end of 2018 behind Bitcoin and Bitcoin Cash. According to the latest available data on coinmarketcap.com, Cardano was the fifth biggest crypto asset with a market cap of $22.5 billion while trading 19% higher at $0.86.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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