Despite taking a considerable dip yesterday, cryptocurrencies reclaimed the bullish trend once again today. A high percentage of people believe that the decline was followed as a result of new policies for banks. Similarly, some believe that the decrease in price of US stocks resulted in a similar trend for cryptocurrencies as well. The correlation with US stocks further strengthened today as cryptocurrencies went back up due to the positive activity on the US stock exchange.
So far, 2023 has been a delightful year for cryptocurrencies in the market. Investors initially believed that the crypto winter would stay for an extended period of time. Keeping in mind how cryptocurrencies have shot back up, many investors have regained their confidence. Many analysts believe that cryptos might dip a few more times before they’re on their way back towards a proper bull run.
The year 2022 was a devastating year for the crypto market and other crypto-based firms. Not only did these firms have to cut the employee force, but some of them had to file for bankruptcy as well. The current positive trend is providing a much-needed breakthrough to the crypto market.
Cardano (ADA) and Solana (SOL) Showcase Impressive Gains
In the latest trading hours, Cardano (ADA) and Solana (SOL) have displayed an impressive increase along with other cryptocurrencies. As a result, they have set foot within the top 10 cryptocurrencies based on market cap. Cardano (ADA) has witnessed an increase of almost 4.24% in the previous 24 hours. Similarly, the coin is trading for approximately $0.3760 at the time of writing.
Keeping the trading price in mind, Cardano (ADA) has a total market cap of $12 billion. The increase in the price of the coin can be associated with the announcement of Cardano’s stablecoin, DJED. The coin is scheduled to be released by next week.
Solana (SOL) has also been making decent moves in the crypto market. The coin has recently opened pre-orders for its blockchain-phone Solana Saga, as the moved acted as a catalyst for the coin’s price. At the time of writing, Solana (SOL) is trading for approximately $24.31. Furthermore, the coin has witnessed a surge of nearly 2.27% in the time frame of the previous 24 hours. It currently has a total market cap of $9 billion.
The upcoming week carries immense significance for the overall crypto market and its trend sustainability. In the next week, members of the US Federal Reserve will meet again to decide on the future policy towards interest rates. Also, other economic indicators and data like GDP and jobless claims are out, as they are expected to impact the financial markets towards the end of the week. All of these will are critical for the long-term trend of cryptocurrencies that look to bounce back.
