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Gate.io Blog Market Trend 25/7 - 29/7｜Cardano hits 5% within 24 hours as other cryptocurrencies gained marginally

Market Trend 25/7 - 29/7｜Cardano hits 5% within 24 hours as other cryptocurrencies gained marginally

01 August 12:32

Cardano gained 5% within 24 hours despite the postponement of the much awaited Vasil Hard Fork upgrade. Crypto experts anticipated that the Hard Fork would make Cardano ease out of its recent bearish momentum. All the same, Cardano gained some much needed momentum as the price increased in a less anticipated way.

The recent rise led its price to $0.58. During the past weeks, the price of ADA fluctuated significantly but maintained a sideway movement. The Cardano developers announced that the Hard Fork will take place in August to enhance a smooth transition within the blockchain.This is the second postponement since the developer aimed to launch it in June before further postponing it to the end of July.

The crypto community anticipates that Cardano will maintain an upward momentum despite the delay in out-rolling the Hard Fork. For instance, the CoinMarketCap community predicted a rise in the value of Cardano to $0.7311by the end of August.

In general, the prices of several cryptocurrencies increased marginally within the week, although some of the gains were short lived. Since most major cryptocurrencies had small gains in the early hours of July 30, the total crypto market capitalization rose to $1.10 trillion, representing a 0.34% rise within 24 hours.

The price of bitcoin fluctuated around $19 000 while its dominance was about 41.48%, according CoinMarketCap. In a related development, the price of Dogelon Mars (ELON) increased by 6.15% overnight as it was trading at $0.0000003618. Polkadot, which registered a 7% increase in value last week, had a 4% price rise within 24 hours. Impressively, DOT managed to break the $8.00 resistance level, and yet still maintains a clear bullish momentum.

Solana is another cryptocurrency which gained value within the last 48 hours. In fact, the price rose to $43.00 before losing about 1%. However, like many other major altcoins, SOL maintains a bullish momentum. And of course, the king of the altcoins, ETH, also looks bullish as it also registered a 1.13% gain within 24 hours. At the time of writing the price of ETH is $1 736.10. In spite of these gains, the Greed and fear Index shows a nervous market.

Source:Dailyfx

Author: Mashell C., Gate.io Researcher
* This article represents only the views of the researcher and does not constitute any investment suggestions.
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