Bitcoin, Cardano Break Fresh Highs: Market Wrap

In a broad cryptocurrency rally, Bitcoin traded above $50,000 again on Thursday.

article-image

Credit: Shutterstock

share
  • Cardano hit an ATH, following the blockchain platform’s testnet on Thursday, trading above $3
  • The crypto market cap passed $2.3 trillion in market value Thursday morning

In a broad cryptocurrency rally, bitcoin traded above $50,000 on Thursday, with a day-high of $50,429.44 in the morning. Jumping 29.69% in a month, bitcoin has made multi-week gains after a string of news signaling widespread adoption. The crypto market cap rose over 5% in the last day, surpassing $2.3 trillion in market value in the morning.

According to a survey from Bakkt, 48% of US consumers reported investing in crypto during the first half of the year. For those who don’t invest, 32% of respondents were interested in buying crypto within the next six months. 

Cardano has risen to record-breaking levels in recent weeks. Prior to the Alonzo hard fork, the token’s forthcoming upgrade, ADA has soared 116.4% in the past month, according to Messari. Cardano hit an ATH, following the blockchain platform’s testnet on Thursday, trading above $3. Investors may be bullish on the altcoin given the upcoming upgrade, which will in theory improve Cardano, allowing more people access to deploy smart contracts on its blockchain. Cardano is nearing a $100 billion in market value.

DeFi

  • Uniswap (UNI) is trading at $30 with a total value locked of $5,208,522,453 declining -1.9% in 24 hours at 4:00 pm ET. 
  • Chainlink (LINK) is trading at $30.24, up 3.1% with trading volume at $1,542,878,353 in 24 hours at 4:00 pm ET.
  • DeFi:ETH is 30.4% at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $49,578.19, up 2.68% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,799.66, advancing 1.82% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.075, down -0.7% at 4:00 pm ET.

Insight

“If Bitcoin can maintain a level over $50,000 then it will be a significant step towards bitcoin prices reaching $85,000 or $100,000 in Q3 and Q4. Although, its previous ATH of $64,000 could also act as a resistance point,” Ulrik K.Lykke, Executive Director at ARK36, said. “The first reason to expect higher BTC prices is that the current price trend is driven mostly by spot purchases. When Bitcoin was last at $50,000 levels last time, much of the market activity was leverage trades which made for a much less resilient market structure.”

Equities

  • The Dow advanced 0.37% to 35,433.
  • S&P 500 is up 0.28% to 4,536.
  • Nasdaq advanced 0.14% to 15,331.
  • VIX rose 1.99% to 16.41 at 4:00 pm ET.

Commodities

  • Brent crude was up to $72.76 per barrel, advancing 1.63%.
  • Gold was down -0.2% to $1,812.3.

Currencies

  • The US dollar fell -0.24%, according to the Bloomberg Dollar Spot Index.

Fixed Income

  • US 10-year treasury yields 1.287% as of 4:00 pm ET.

In other news…

Franklin Templeton, a $1.5 trillion investment manager, is seeking to add a cryptocurrency research analyst and trader to its firm, Blockworks reported. However, the fund group has yet to confirm whether it plans to offer bitcoin-based investment vehicles to clients.

We are looking out for

  • US jobs report is due on Friday

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (8).png

Research

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

article-image

BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower

article-image

DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory

article-image

In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?

article-image

Some systems improve by failing — and crypto has no choice

article-image

Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity

article-image

Maybe tokenholders don’t need the rights that corporate shareholders have come to expect

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

NewsPodcastsNewslettersEventsRoundtablesAnalytics