Max E.Thu, Mar 24, 2022 5:55 PM
Cardano, Doge & Axie: 24 March Price Digest
The cryptocurrency market continues to grow, despite an earlier downward correction in US stock markets. Investors are returning to tech stocks, and cryptocurrencies have also been able to gain momentum. Cardano (ADA) is showing explosive growth today. Over the past day, its price has soared by 16.83% to $1.14. ADA capitalization is $36,9 billion.
Last week, ADA’s rise above the $1 level was accompanied by high trading volumes. The token’s weekly profit increased by 30%. On the weekly chart, ADA takes the first place among the TOP-10 most successful cryptocurrencies.
The positive price dynamics is influenced by the fact that the number of non-fungible tokens and decentralized applications on Cardano blockchain is growing: on March 23, the number of issued NFTs reached 4 million.
ADA was one of the the most successful altcoins during the 2021 bull market. In September 2021, the altcoin reached its all-time high, after which it was traded sideways until a recent break above the $1 level. The price of the token remains volatile, but the project team continues to work on the development of the network. Further progress may lead to an increase in the value of the asset.
Over the past week, the price of Dogecoin has increased by 16%. At the time of writing, DOGE is trading at $0.139, an increase of 13.99% in a day. The dog memecoin is actively developing: this month alone, Dogecoin was added to Coinflip’s network of 1,800 ATMs.
Currently, there is an upward momentum in the crypto market. The market capitalization approached the $2 trillion mark after a nearly $200 billion increase in value. Such success is partially determined by global stock markets growth after the Chinese government promised to support local stock markets and the economy as a whole.
And so the risk appetite of investors has returned to the crypto market, and maintains its favorable state in recent days: the market capitalization of large cryptocurrencies, including AXS, has grown significantly over this period. At the time of publication, the AXS token is trading at $63.84. Over the past 24 hours, its value has increased by 23.19%. The token shares a 30-day correlation with BTC by 80%, so the prospects for AXS should be assessed with an eye to the price dynamics of the leading cryptocurrency.