Cardano (CRYPTO: ADA) remained buoyant amid a sea of red as the global cryptocurrency market cap fell 2.94% to $1.86 trillion on Thursday night.
What Happened: ADA traded 2.28% higher at $1.87 intraday and shot up 35.78% over a seven-day trailing period.
Over 24 hours, the Charles Hoskinson created cryptocurrency rose 4.85% and 5.98% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), respectively.
BTC was down 2.43% over 24 hours at $44,631.38. The apex cryptocurrency rose 10.31% higher for the week.
The second-largest cryptocurrency by market cap, ETH, fell 3.42% to $3,066.35 over 24 hours. Over the last seven days, ETH gained 9.51%.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) traded 1.3% lower at $0.27. For the week, DOGE rose 33.73%.
NEAR Protocol (CRYPTO: NEAR) was the top gainer on Thursday night rising 12.09% to $3.36. For the week the token of the Layer-1 protocol rose 34.74%.
NEAR rose 14.86% and 16.11% over 24 hours against BTC and ETH.
Other notable intraday gainers included The Graph (CRYPTO: GRT), Chiliz (CRYPTO: CHZ), and SushiSwap (CRYPTO: SUSHI).
GRT spiked 10.7% to $0.89, CHZ was up 9.85% to $0.36 and SUSHI traded 8.55% higher at $12.24 over 24 hours.
Why It Matters: Bitcoin has not indicated a push above the $46,000 levels it touched this week, but it has not lost major ground either.
Matt Blom, digital-asset company Eqonex’s head of trading said “There just isn’t much of an appetite right now for bitcoin above $46,000, but you’re not seeing a massive sell-off either,” reported CoinDesk.
On Ethereum, Lukas Enzersdorfer-Konrad, chief product officer at Bitpanda said that the London hard fork ushered fees mechanism “looks to be bullish for the ETH price.”
Enzersdorfer-Konrad said Ethereum is slowly “decoupling” from Bitcoin and the higher year-to-date returns of the latter are a pointer to that effect. BTC and ETH’s YTD returns stood at 53.07% and 313.47% respectively at press time.
“The reduction in the amount of new coins being minted, as well as a burn mechanism that reduces the supply, could be a catalyst for Ethereum’s price and could translate into higher returns than those for Bitcoin in the longer term,” said the analyst via email.
Meanwhile, ADA’s weekly gains have left behind those made by DOGE, ETH, and BTC as buzz builds up ahead of a Friday announcement on smart contract implementation schedule.
