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Cardano [ADA] surges into top-10; overtakes Tron [TRX] on the back of mainnet release

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Cardano [ADA] surges into top-10, overtakes Tron [TRX] on the back of mainnet release
Source: Pixabay

Cardano [ADA] broke into the top-10 after its massive double-digit price surge following a slew of announcements by the Cardano Foundation. The surge also pushed the coin above Tron [TRX] on CoinMarketCap.

For the better part of a week, Cardano rode a bull wave and exhibited a significant 20.43 percent hike in the 7-day window. After the release of the 1.5 mainnet, the coin shot up by a whopping 15.33 percent against the US dollar to become the biggest gainer in the top-20 coins.

The release was part of the concluding stages of the Byron phase of development, including an improved proof of stake protocol. This development will ensure better block storage, the inclusion of the Daedalus wallet for Linux, the Cardano testnet, and an increase of Rust tools and other features within the coin’s ecosystem. Furthermore, this update will not split the community or create a separate virtual currency, even though the update is classified as a “fork.”

The surge also follows the resignation of Michael Parsons, the Cardano Foundation’s former CEO. Charles Hoskinson, the Founder of the foundation had stated that the Cardano community was “waking up” and “getting where it was supposed to go.”

Other factors that may have contributed to the wild surge in Cardano’s prices include the speculation of a possible listing on the crypto exchange, Coinbase and the integration of the Ledger Hardware wallet to the Cardano Network.

The Cardano Foundation also became one of the founding members of the International Association for Trusted Blockchain Application (INATBA). As a member, Cardano will help to further the progress of blockchain technology and cryptocurrency adoption within Europe.

Source: Trading View

On 16 March, the coin was trading at $0.0501 and shot up by 6.58 percent to $0.0534 in less than 24-hours. Later, the coin shot up to $0.0548, before market correction forces dropped the price to $0.0513.

On 21 March, the coin skyrocketed by 15.2 percent to reach $0.0591. Following this rise, the coin dipped to $0.0571, before shooting up by 7.7 percent in a matter of 3 hours to reach $0.0615 by 0500 UTC on 23 March. At press time, the coin was trading at $0.0611, its highest price in over 4 months.



In terms of market capitalization, Cardano broke the $1.5 billion barrier at 1200 UTC on 22 March, which saw the market cap shoot up by 6.9 percent in 24 hours. The coin surged even further, recording a peak valuation of $1.59 billion, at 0530 UTC on 23 March. At press time, Cardano was valued at $1.58 billion, ahead of Tron by over $70 million.

ZBG took the top spot in terms of ADA trade volume, accounting for 28.58 percent via the trading pair ADA/USDT. Other notable exchanges with high Cardano volumes were Binance, UPbit, and Huobi Global.





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Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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