Holders of three of the most popular altcoins: Cardano, Dogecoin and XRP, had good mornings today. The popular altcoins continued to rally with overnight price gains of around 10% while the global market capitalization of cryptocurrencies grew 3.77% in the last twenty-four hours.
XRP leads with an 11.38% overnight boost. It currently trades at a price of $1.15 at the time of writing. With a market cap of $53.51 billion, XRP is the seventh biggest cryptocurrency and has enjoyed a long spell in the top ten—for years it was third to Bitcoin and Ethereum—despite an ongoing lawsuit filed against creator Ripple by the United States Security and Exchange Commission.
The suit alleges that Ripple sold XRP as an unregistered security, a charge which Ripple refutes, arguing that the SEC’s treatment of XRP is prejudicial compared with its treatment of other top cryptocurrencies like Bitcoin and Ethereum.
Cardano, the fourth biggest cryptocurrency by market cap, blew up 5.25% overnight to hit $2.12. On Tuesday, Cardano teased the arrival of smart contracts on the platform as part of the Alonzo network upgrade later this year. ADA’s price has been pumping ever since.
Initially popularized by the Ethereum blockchain, smart contracts are self-enforcing financial contracts that enable a range of financial services to take place through a blockchain’s distributed ledger, without the need for a bank or broker. Alonzo will bring some of the decentralized finance (DeFi) industry—valued at over $110 billion—to the Cardano network.
Memecoin Dogecoin, was briefly in the gang earlier today. It posted significant daily gains of around 11% this morning to mark the price surging from $0.26 to $0.29. Its momentum ground to a halt around 11 AM UTC. It currently trades at a price of $0.28, up 1.9% from yesterday.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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