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Surging Cardano Price Leads Mid-Week Market Rally

Last Updated March 4, 2021 5:05 PM
Josiah Wilmoth
Last Updated March 4, 2021 5:05 PM

The cryptocurrency markets rose for a third consecutive day on Wednesday, enabling every top 10-cryptocurrency to post gains against the US dollar and most to advance by more than five percent. The day’s top performer was the Cardano price, which soared by nearly 20 percent during intraday trading.

cardano price
Source: CoinMarketCap

The cryptocurrency market cap rose by nearly $25 billion for the day, representing an index return of 7.5 percent.

Bitcoin Price Plows Past $9,000

The Bitcoin price trailed the index slightly but still managed to plow past $9,000. At present, the flagship cryptocurrency is trading at $9,043 on cryptocurrency exchange Bitfinex, representing a single-day increase of six percent. Bitcoin now has a $155.3 billion market cap, as well as a 43.6 percent share of the total market index.

bitcoin price
Bitcoin Price Chart

Ethereum Fights Back after Early Week Slump

Meanwhile, the Ethereum price posted an index-matching 7.5 percent increase after lagging the average market return over the previous several days. The Ethereum price is now trading at $574 on Bitfinex, providing the second-largest cryptocurrency with a $57.4 billion market cap.

ethereum price
Ethereum Price Chart

Cardano Price Leads Widespread Altcoin Rally

The day’s best returns came from smaller-cap altcoins, and the most impressive performance belonged to Cardano.

cardano price
Altcoin Price Chart

Third-ranked Ripple achieved a three percent increase, which significantly trailed the index but nevertheless lifted the value of XRP above the $0.70 mark, and  Bitcoin Cash posted a four percent climb to $1,061.

The next five cryptocurrencies, on the other hand, beat the index by at least one percent.

Fifth-ranked Litecoin leaped nine percent to $174, and EOS rose eight percent to $6.28.

Cardano, ranked seventh, surged by 20 percent to about $0.22, a move that correlated with heavy trading volume on Seoul-based cryptocurrency exchange Upbit.

cardano price
Cardano Price Chart

NEO was the only other top 10-cryptocurrency to post a double-digit percentage increase, and the “Chinese Ethereum” is now valued at $77.35 after today’s 11 percent advance.

Stellar rose nine percent for the day, while IOTA posted an increase of less than one percent to round out the top 10.

This week has brought a welcome respite to the cryptocurrency markets, but altcoin investors may want to hold off on plunking down deposits at the Lamborghini dealership, because Wall Street strategist and noted cryptocurrency bull Tom Lee has predicted that altcoins will remain in “purgatory” for the duration of spring and most of the summer before rallying again in August or September.

Featured image from Shutterstock.