Crypto market update: Cardano price hits record high

By Raffaele Redi

Large transactions keep Bitcoin and Ethereum resistances up

Bitcoin and cryptocurrency with graph showing price charts                                 
Total crypto market cap exceeded $2trn again – Photo: Shutterstock
                                

Major financial firms’ large transactions are keeping Bitcoin and Ethereum resistances high as more firms explore cryptocurrency use. Meanwhile, many Western firms are attempting to profit from the Asian market's rejection of cryptos by incorporating them into their payments systems.

The total crypto market capitalisation transcended the $2trn milestone again, having risen by around $118bn from $1.919trn to $2.036trn in the past 24 hours.

According to Currency.com, bitcoin’s (BTC) price had jumped to around $47,038 by around 10:30 BST (UTC -1).

BTC – still the largest cryptocurrency by market capitalisation (at $881.4bn) – was trading up 5%, with a gain of around 2% in the past seven days. The crypto’s trading volume was around 16% higher at $36.4bn.

During the week, BTC recorded $96.26bn in transactions greater than $100k.

BTC/USD price history

Date Close Change Change(%) Open High Low
Oct 28, 2021 58920.05 449.90 0.77% 58470.15 59264.60 58124.30
Oct 27, 2021 58467.20 -1860.20 -3.08% 60327.40 61508.80 58071.95
Oct 26, 2021 60321.45 -2772.70 -4.39% 63094.15 63293.00 59820.55
Oct 25, 2021 63095.50 2248.55 3.70% 60846.95 63742.25 60644.85
Oct 24, 2021 60853.35 -444.10 -0.72% 61297.45 61496.80 59489.75
Oct 23, 2021 61297.05 613.20 1.01% 60683.85 61753.75 59638.50
Oct 22, 2021 60683.20 -1495.65 -2.41% 62178.85 63762.50 59956.45
Oct 21, 2021 62200.00 -3804.90 -5.76% 66004.90 66668.75 61959.90
Oct 20, 2021 66004.65 1717.60 2.67% 64287.05 67020.00 63519.90
Oct 19, 2021 64286.75 2255.05 3.64% 62031.70 64524.25 61351.95
Oct 18, 2021 62033.45 505.75 0.82% 61527.70 62707.40 59878.75
Oct 17, 2021 61512.70 631.35 1.04% 60881.35 61717.20 59619.45
Oct 16, 2021 60876.75 -813.70 -1.32% 61690.45 62390.70 60150.70
Oct 15, 2021 61695.45 4340.85 7.57% 57354.60 62908.70 56857.75
Oct 14, 2021 57353.25 -19.75 -0.03% 57373.00 58553.95 56799.50
Oct 13, 2021 57372.50 1378.95 2.46% 55993.55 57811.50 54220.00
Oct 12, 2021 55997.35 -1498.75 -2.61% 57496.10 57711.40 53648.30
Oct 11, 2021 57494.40 2813.25 5.14% 54681.15 57841.15 54437.25
Oct 10, 2021 54678.25 -278.95 -0.51% 54957.20 56075.95 54104.95
Oct 9, 2021 54960.35 991.15 1.84% 53969.20 55495.70 53679.20

Cardano trading volume up 100%

Among today’s best-performing cryptocurrencies was Cardano (ADA), which hit a record high. Currently benefitting from interest from institutional investors, Cardano looks set to become the third-largest cryptocurrency by market cap.

Cardano founder Charles Hoskinson recently announced the Alonzo upgrade, which will possibly take place in mid-September during the 2021 Cardano Summit.

Cardano was trading up by 18% at $2.50, with a market cap of $80.1bn and a trading volume of $10.3bn, up 100% in the past 24 hours.

Ethereum set to recover seven-day losses

The price of ether (ETH) rose to $3,208.28 this morning. The second-largest crypto by market cap seems to be on the verge of recovering from profit-taking, with 0.8% losses witnessed during the week. ETH is currently trading around a $3,230 resistance.

ETH was trading up by 6.7% with a market capitalisation of $375.2bn. The cryptocurrency’s trading volume was around 6.2% lower at $18.8bn in the past 24 hours.

Top gainers and losers

Elsewhere, the likes of SwissBorg (CHSB), Voyager Token (VGX), Helium (HNT) and The Graph (GRT) all witnessed more than 15% price increases.

On the opposite side of the index were Audius (AUDIO) and Terra (LUNA), which were down around 5% today at $3.24 and $29.86 respectively – yet both cryptos had rocketed by 99% and 71% respectively in the past seven days.

Nano (NANO) followed a similar pattern – trading down 0.5% at $6.45 after a 42% increase in the past seven days.

All prices are correct as of 10:30 BST (UTC -1).

ETH/USD price history

Date Close Change Change(%) Open High Low
Oct 28, 2021 3996.53 71.49 1.82% 3925.04 4025.84 3892.13
Oct 27, 2021 3924.31 -207.01 -5.01% 4131.32 4313.59 3913.41
Oct 26, 2021 4131.20 -89.60 -2.12% 4220.80 4298.71 4090.31
Oct 25, 2021 4220.77 138.64 3.40% 4082.13 4238.30 4068.24
Oct 24, 2021 4082.29 -85.16 -2.04% 4167.45 4186.95 3960.47
Oct 23, 2021 4167.97 196.12 4.94% 3971.85 4173.13 3937.03
Oct 22, 2021 3971.59 -81.99 -2.02% 4053.58 4171.38 3888.38
Oct 21, 2021 4053.67 -108.58 -2.61% 4162.25 4375.04 4007.53
Oct 20, 2021 4162.61 287.38 7.42% 3875.23 4169.99 3827.67
Oct 19, 2021 3875.22 131.12 3.50% 3744.10 3888.96 3730.71
Oct 18, 2021 3744.11 -104.12 -2.71% 3848.23 3896.09 3675.19
Oct 17, 2021 3848.29 19.45 0.51% 3828.84 3919.64 3701.94
Oct 16, 2021 3829.33 -40.32 -1.04% 3869.65 3969.17 3802.55
Oct 15, 2021 3869.49 78.21 2.06% 3791.28 3904.60 3733.39
Oct 14, 2021 3791.15 182.49 5.06% 3608.66 3829.32 3588.65
Oct 13, 2021 3608.43 119.36 3.42% 3489.07 3613.80 3411.06
Oct 12, 2021 3489.44 -53.27 -1.50% 3542.71 3549.94 3402.83
Oct 11, 2021 3542.79 127.60 3.74% 3415.19 3624.29 3370.68
Oct 10, 2021 3415.22 -160.50 -4.49% 3575.72 3605.67 3396.71
Oct 9, 2021 3575.71 11.40 0.32% 3564.31 3635.68 3537.86

Futher reading: ADA coin price prediction: Is Cardano a good investment?

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