Over the weekend, Cardano’s ADA NFT price increased by 23 cents to reach $2.78. This means the cryptocurrency has had a banner year so far, as prices were still below $1 in January 2021!
ADA is now the third largest cryptocurrency after Bitcoin and Ethereum.
But despite the price increase the weekend, ADA’s price is still down 3% from the previous Tuesday after last week’s loss.
The second most valuable cryptocurrency in the world Etherium also saw a price increase over the weekend. On Friday, the coin was worth $3100 and on Tuesday, August 31, it is worth almost $3250. However, this cryptocurrency is also down 3% since last Tuesday.
Another currency that gained over the weekend is Ripple’s XRP. The coin gained 4 cents to reach a value of $1.12. Last Tuesday, the price of XRP was $1.30, so it has fallen 9% in the last 7 days.
The most valuable currency on the market Bitcoin has increased by $100 since Friday, August 27, and is now worth $47,200. In the last 7 days, the price has fallen 5%.
Binance did not have any success this weekend: BNB fell from $477 to $464 on Friday. That means the coin has fallen 7% below last Tuesday’s price.
The meme cryptocurrency Dogecoin also failed to see any price gains this weekend. The coin is currently trading at the same price it was on Friday, $0.27, down 13% in the last 7 days.
Will Cardano and Ethereum continue to rise?
At the beginning of the year, it was expected that both Cardano and Ethereum would have a banner year.
Like all cryptocurrencies, these coins are very volatile, but the prediction site Walletinvestor seems to believe that both cryptos will continue to rise throughout the year. The 1-year forecast for ADA is $4.89 and Ethereum is $5358.21.
Both Cardano and Ethereum use blockchain for transactions. This makes them very difficult to hack and very secure compared to currencies that do not use this technology. The high level of security is attractive to traders who don’t want to risk losing money. This could explain why these currencies are so popular in the market.
Blockchain continues to lead the way for crypto industry. Traders will likely continue to buy assets based on blockchain. For this reason, we probably haven’t seen the last of Cardano or Etheruem price appreciation this year.