Cardano, Polkadot Advance as Crypto Market Rallies Ahead of Christmas

Last Updated: January 25, 2022By Tags: , ,

Bitcoin, ether and binance coin, three of the largest cryptocurrencies by market value, added almost 4%, setting the theme for a larger move among alternative currencies, or altcoins.

Liquidity across exchanges for bitcoin fell to under $8 billion on Thursday, as reported. The trend mirrors a historic theme across markets ahead of the holiday season: Trading volumes drop and volatility is enhanced, leading to extreme prices movements in either direction.

Cardano’s ADA and Polkadot’s DOT tokens were other big movers, adding more than 7% each. Both protocols are positioned as Ethereum rivals and saw major upgrades this year. Smart contracts went live on Cardano in November, opening it up for DeFi applications going forward, while parachains went live on Polkadot earlier this month, allowing for the creation of other blockchains atop the Polkadot network.

Among memecoins, in the past 24 hours dogecoin added 3.4% while shiba inu (SHIB) gained 8% to continue their advance from Monday. SHIB prices briefly reached $0.0004 in early Asian hours on Friday morning before dropping back. Prices of the memecoin jumped earlier this week as a single entity purchased over $136 million worth of SHIB on Wednesday, as reported.


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