Market Update: Bitcoin Pops, Altcoins Rally
Bitcoin and other cryptocurrencies climbed on Thursday, building on incremental gains over the past week.
At the time of writing, Bitcoin (BTC) is trading at US$43,900.59 (+2.45%) while Ethereum (ETH) is trading at US$3,121.86 (+3.10%).
BTC has gained more than 26% since its intra-day low of US$34,324 on Feb 24 when Russia invaded Ukraine, while according to Bread’s technician, ETH’s rally is set to sustain with a 50% breakout on the cards.
Meanwhile, Cardano (ADA) reached a six-week high after Coinbase included the altcoin into its staking offerings.
At the time of writing, ADA is trading at US$1.1312 (+3.62%).
“With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards,” the exchange said in a blog post.
Coinbase estimates that there will be about a 3.75% annual percentage yield on staked Cardano. After an initial holding period of 20 to 25 days, users will receive awards to their account every 5 to 7 days.
ADA’s inclusion in the new Grayscale fund may also have contributed to its upward momentum.
The fund, which includes other altcoins such as Solana (SOL), Avalanche (AVX) and Polkadot (DOT), was unveiled on Tuesday and will track the CoinDesk Smart Contract Platform Select Ex ETH Index.
The SoLunAvax trio have been trading green over the past week, with SOL and AVAX up 9.05% and 2.28% respectively since yesterday.
“Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem”, said Grayscale CEO Michael Sonnenshein.