Cardano’s ADA Token Hits All-Time High: Markets Wrap
Hitting an all-time high of $2.52, the altcoin dethroned BNB coin again as the third largest crypto by market cap Friday morning.
SHUTTERSTOCK
key takeaways
- Cardano’s return on investment has jumped 113.53% in the past month.
- Coinbase announced they would bring $500 million in crypto assets to their balance sheet
Cardano’s ADA token advanced almost 20% ahead of its smart contract upgrade, the Alonzo hard fork. Charles Hoskinson, who helped launch Cardano in 2015, said the altcoin’s upgrade should begin on September 12. After Hoskinson announced a set date for Alonzo, the token hiked up even more.
ADA dethroned binance coin BNB as the third-largest crypto by market capitalization early Friday morning, hitting its all-time high of $2.54. ADA’s market cap is $80.25B while BNB’s remained at $75.66B, according to Messari.
United Wholesale Mortgage, the second-largest US mortgage lender, plans to start accepting bitcoin as a form of payment later this year, the CEO said in a recent interview. Coinbase announced they would bring $500 million in crypto assets to their balance sheet and allocate 10% of its quarterly net income into a portfolio of crypto assets as well, Blockworks reported.
Bitcoin and ethereum made gains of roughly 4% and 3% on-day, according to Messari. Bitcoin faces resistance around $50,000 after surpassing its 200-day moving average earlier this month.
Ethereum continues its upward trend following the launch of the London hark fork. Approximately $223,533,215.45 worth of ether has been burned, as of Friday afternoon. ETH has a return on investment of 63.60% over the past month.
The VIX, a measure of volatility in the market, fell 12.37% as of press time.
DeFi
- Uniswap is trading at $28.40 with a total value locked of $4,771,186,114 up 3.4% in 24 hours at 4:00 pm ET.
- Chainlink is trading at $26.79, advancing 4.1% with trading volume at $1,466,243,034 in 24 hours at 4:00 pm ET.
- DeFi:ETH is 33.2% at 4:00 pm ET.
Crypto
- Bitcoin is trading around $48,492.35, up 3.76% in 24 hours at 4:00 pm ET.
- Ether is trading around $3,236.53, advancing 2.78% in 24 hours at 4:00 pm ET.
- ETH:BTC is at 0.066, down -1.96% at 4:00 pm ET.
- VIX is down 12.41% to 21.52 at 4:00 pm ET.
Insight
“Institutional tailwinds continue to be a driving force for positive sentiment in the market. In the last 24 hours alone, Coinbase announced commitments to add $500 million in crypto assets to their balance sheet, BlackRock disclosed material ownership in a number of crypto mining companies through $380+ million in investments, and the second-largest US mortgage lender, United Wholesale Mortgage, announced they will accept payment in bitcoin,” Clearblock Insights co-founder Cody Ryan said to Blockworks. “We believe these to be clear indicators of underlying strength in the market cycle.”
Equities
- The Dow was up 0.59% to 35,099.
- S&P 500 advanced 0.72% to 4,437.
- Nasdaq was up 1.05% to 14,694.
Commodities
- Brent crude fell to $65.10 per barrel, declining -2.02%.
- Gold was up 0.06% to $1,784.
Fixed Income
- US 10-year treasury yields 1.26% as of 4:00 pm ET.
Currencies
- The US dollar fell -0.07%, according to the Bloomberg Dollar Spot Index.
In other news…
GlobalX has plans to launch a crypto blended ETF, a SEC disclosure on Thursday revealed. The Global X Blockchain & Bitcoin Strategy, will invest 80% of its net assets in digital assets funds, bitcoin futures contracts listed in the US and more, Blockworks reported.
That’s it for today’s markets wrap. I’ll see you back here on Monday.
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