Crypto Market Recovers Led by Ethereum and Cardano

Ethereum higher than Bitcoin
  • The total market capitalization of cryptocurrencies is recovering and is poised to surpass its mark.
  • The cryptocurrency market has had a growth rally, led by Ethereum and Cardano.
  • Sam Bankman-Fried, CEO of FTX, is planning to list Cardano on his exchange.
  • The market is waiting for Bitcoin to break the psychological barrier of 20,000.

Cardano and Ethereum are driving the crypto market rally as the combined market value of all active cryptocurrencies approach the $1 trillion threshold for the first time since mid-September.

Leading institutional digital asset data provider CryptoCompare reports that Ethereum is up around 13.4% in the past day to trade at $1,565 and Cardano is up around 9.2% to trade at $0,409.

Although they have also made progress, other well-known cryptocurrencies are behind these two in terms of performance. For example, Bitcoin is up 5.8% to $20,900, while Solana is up 6.4% to $31. While Polkadot is up 5.7% to $6.5, Binance Coin is up 3.2% to $290.

At least two long-dormant Ethereum whales recently traded over $22 million worth of the second-largest cryptocurrency by market cap, coinciding with the Ethereum price rally.

An Ethereum whale that had been dormant for more than six years has allegedly swapped $22.2 million into an empty wallet during a time when the price of Ethereum was rising, according to on-chain analytics platform Santiment.

Cardano has kept rising along with the rest of the cryptocurrencies, but soon this one may be generating better returns than the rest. This is because Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, has announced that FTX is set to list Cardano on its platform.

The Cardano community spoke out against this announcement and believes that Cardano will not be included as FTX  “see Cardano as a threat to everything they want to control”. In response to this, the CEO said, that this is “definitely not the case” and that FTX has listed ADA perpetual contracts internationally, and will add ADA spot trading soon.

Rising cryptocurrency prices have contributed to the total market capitalization approaching the $1 trillion mark and BTC breaking above the $20,000 psychological barrier.