As England embraced its August bank holiday weekend, traders saw the prices of Cardano and Ethereum stocks soar.
Over the weekend, Cardano’s ADA NFT rose by 23 cents, reaching a value of $2.78. This bank holiday rise in value means that the cryptocurrency has had an excellent 2021 so far, with prices back in January sitting below $1!
ADA is now the third-largest cryptocurrency, following behind Bitcoin and Ethereum.
While the price of ADA did rise over the bank holiday weekend, it is still down by 3% from last Tuesday, following last week’s loss.
Ethereum, the world’s second most valuable cryptocurrency, also saw a price surge over the bank holiday weekend. On Friday, the coin was worth $3100 and on Tuesday 31st, it is worth almost $3250. However, this currency has also decreased by 3% since last Tuesday.
Another currency that saw gains over the bank holiday weekend was Ripples XRP. The coin gained 4 cents, reaching a value of $1.12. Last Tuesday, XRP reached $1.30, so it has fallen by 9% over the last 7 days.
The most valuable currency on the market, Bitcoin, rose by $100 since Friday 27th, remaining at a value of $47,200. It has fallen by 5% in the last 7 days.
Binance did not prosper this bank holiday and BNB fell from $477 to $464 on Friday 27th. This means that the coin dropped 7% below last Tuesday’s price.
Meme coin Doge coin also missed out on any price surges this weekend. The coin currently sits at the same price that it was on Friday, 27 cents, and has decreased by 13% in the last 7 days.
Will Cardano and Ethereum continue to rise?
Earlier in the year, it was predicted that both Cardano and Ethereum would have an excellent year.
Like all cryptocurrencies, these coins are very volatile however, prediction site Walletinvestor seems to believe that both currencies will continue to rise throughout the year. ADA’s 1 year forecast sits at $4.89 and Ethereum’s is predicted to be $5358.21.
Both Cardano and Ethereum use blockchain to make crypto exchanges. This makes them very difficult to hack and highly secure compared to currencies that do not use this software. High security is appealing to traders, who do not want to risk losing their trades, which could explain why these currencies are so popular in the market.
Blockchain is still leading the way for crypto software and traders are likely to continue purchasing assets that are built on the blockchain. For this reason, we probably haven’t seen the last of price surges for Cardano or Etheruem this year.
If you’re interested in investing in Cardano, check out our guide on how to buy Cardano online.
