Cryptocurrencies were trading higher on Friday. Bitcoin traded higher amidst the weak equity markets. Meanwhile, Cardano and XRP stood out and became the top gainers for the day.
The digital currencies are generally perceived as a value common to gold which eventually results in purchasing interest due to the fear if hike in interest rates or weakening of the economy. The United States released the FOMC minutes reveals a previous tapering rather than the upcoming one.
The Economic Times quoted the statement given by CEO and founder of Mudrex, a crypto trading platform, Edul Patel. He said “Markets in the past 24 hours witnessed a major turnaround. Most of the cryptos that were showing bearish signs earlier, recovered quickly. Bitcoin and Ether, the two most important cryptos that usually influence rest of the market movements, broke above their immediate resistance levels. It will be interesting if the crypto markets end the week on a high note,”
However, Bitcoin has not seen an amiable hike or fall in one week. The most prominent crypto currency that has been trading in the past 24 hours has reached above the level of $47,000.
Besides, IPO of Binance, the largest crypto exchange is the most awaited exchange in the market as for now. Every company in the trading of digital currency are trying to withstand the conditions and grow immensely. Meanwhile, there are also companies that are shifting themselves to a moreof traditional entity. The entity would involve a chain of Board of Directors and other financial reports that are audited.
Sharan Nair, Chief Business Officer at CoinSwitch Kuber said, “We saw coins like Solana and Cardano do well. We are hopeful that the market will enjoy a strong rally soon.” Solona has shown an exponential growth in the past seven days by rising upto 70 percent.
Other than Cordano the highest percentage of shift is found in exchanges like Polkadot, Binance Coin, Ethereum and Dogecoin.