It is safe to say we live in a very interesting time when it comes to cryptocurrencies. More specifically, a lot of money is flowing into this ecosystem, although not all of it may end up where it should be. While diversification in the cryptocurrency world is always advised, it is still unclear what drives the Cardano price. Especially now that it has surpassed $1, there are still a lot of questions which need to be answered. Cardano Price Surges to $1 In the world of cryptocurrency, most people think of Bitcoin and ‘everything else”. As we have seen in
It is safe to say we live in a very interesting time when it comes to cryptocurrencies. More specifically, a lot of money is flowing into this ecosystem, although not all of it may end up where it should be. While diversification in the cryptocurrency world is always advised, it is still unclear what drives the Cardano price. Especially now that it has surpassed $1, there are still a lot of questions which need to be answered.
Cardano Price Surges to $1
In the world of cryptocurrency, most people think of Bitcoin and ‘everything else”. As we have seen in the past few months, this “everything else” category encompasses a lot of currencies which seemingly go up in value on a whim’s notice. One of those currencies is Cardano, a project which still has everything to prove to the masses. Although it remains unclear if this concept will ever go anywhere, the Cardano price has appreciated in value by quite a margin in the past four weeks.
More specifically, we have seen the Cardano price go from $0.118 all the way to $1 today. Achieving such massive growth in less than four weeks is pretty spectacular, to say the very least. Most of this value is based on hype and speculation, by the look of things, but that is not uncommon in the world of cryptocurrency these days. At the same time, Cardano is one of the top 5 cryptocurrencies by market cap right now, which is somewhat worrisome.
Thanks to solid Cardano price gains over the past few days, the value has more than doubled compared to December 25th. For a currency with a circulating supply well below the total supply [which is below the maximum supply[, it is a bit unclear if this $1 price point can be sustained for long. More specifically, it is the first time we see the Cardano price reach $1, yet no one knows for sure how long this momentum can be maintained. For now, things are looking pretty good for the Cardano price, though.
With over $489m in 24-hour trading volume, it is evident things look pretty good for Cardano right now. The demand to both buy and sell this altcoin is certainly there, as the trading volume has picked up in recent weeks as well. Especially now that the $1 milestone has been reached, the question becomes whether or not massive profit taking will set in later today. It seems the most logical outcome for an altcoin which still has everything to prove first and foremost.
As one would expect, most of the Cardano trading volume originates from the Binance exchange. This platform has quickly grasped its fair share of market share when it comes to altcoin trading. Bittrex is in second large, followed by the Ethereum pairs of both Binance and Bittrex. The first fiat currency market for Cardano comes in sixth place, courtesy of Korean exchange Coinnest. Whether or not the lack of fiat currency support will hinder the Cardano price growth moving forward, remains to be seen.
For the time being, it remains unclear what the future holds for the Cardano price. More specifically, this rapid valuation increase is a cause for concern, especially since the developers have yet to deliver on most of their initial promises. That doesn’t mean the project has no bright future ahead, mind you, but it’s always best to remain cautious when it comes to new projects like these. For now, it’s always advised to take profits whenever the opportunity arises, as it is the general advice for any cryptocurrency right now.