Crypto Currency News

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Market Summary: Bitcoin Drifting Lower, Cardano at ATHs

On Saturday, the crypto market floated in place, shrinking its market cap by 0.26% at press time. Bitcoin and Ethereum fell a little more. Cardano still gets up and spent the day resting after an ATH in the morning.

Bitcoin is drifting

The most famous coin has barely changed during the day. However, news could mean a change. Analysis firm Glassnode reports that mining companies are saving more Bitcoin than selling for the first time since December. However, the market doesn’t seem to have digested this information yet.

Miners stopped selling and started collecting #Bitcoin

Yesterday was the first day since December 27 that the miner’s position change became positive.

Miners sold their bitcoins for two months.

Bullish. pic.twitter.com/S89iBcz4k3

– Lex Moskovski (@mskvsk), February 27, 2021

ether

The secondary coin also moved sideways on Saturday, with the price hovering around the $ 1,500 mark. The news about institutional investor interest has not yet filtered through. However, the market volume in the past 24 hours has fallen by over 38%.

Cardano in # 3

Cardano’s bull run continued to move higher today as ADA ATHs took in both price and market cap. The coin hit a high of $ 1.48 on Saturday. Market capitalization rose over 14% to over $ 43 billion, and trading volume increased over 61% in the last 24 hours.

Cardano’s position 3 by market capitalization is the end of a month-long battle for fourth place between ADA and DOT, with XRP, BNB and USDT also eventually disappearing as the third place coin. With the Cardano already in operation and with a major platform upgrade going on March 1st, there are no signs of any change in ADA assets yet. At least as long as the upgrade goes smoothly.

DeFi-nately DeFi

As the battle for fourth place continues, Binance Coin (BNB) is still ahead of Polkadot (DOT) in terms of market cap, but the DeFi project is currently showing stronger coin performance. Like Cardano, Polkadot and Stellar (XLM) are seeing double-digit price growth on an otherwise lackluster weekend day.

The main reason for the increase in these platforms is likely to be the cost of GAS on Ethereum. High transaction costs on Ethereum have primarily raised awareness of these platforms. Lower fees on these platforms are increasingly attracting users ‘attention, and therefore merchants’ attention as well.

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