Crypto price update: Cardano leads huge spike among majors
Crypto price update: Cardano leads huge spike among majors
Posted on September 2, 2021 by Jonathan Symcox share
The cryptocurrency market climbed a huge 4.9% in the last 24 hours, with all the major coins seeing a spike in value.
At the time of writing (7am UK), the 11,500 coins are worth a collective $2.21 trillion.
Cardano led the charge. Its ADA token, worth only 18 cents at the start of the year, is now at $3.08 following an 11% boost in the last 24 hours.
The proof-of-stake blockchain platform – which has risen to third spot in the valuation league table in recent weeks – is up 18% in a week.
Smart contract blockchain platform Ethereum, whose ETH token is the world’s second most valuable crypto, leapt 7% to close on $3,800. It is 20% up on its price last Thursday.
Market leader Bitcoin (BTC) is closing on $50,000 again after gaining 5% in the last 24 hours. It is 5% up over seven days.
The market may have been boosted by plans unveiled this week by Twitter co-founder and CEO Jack Dorsey to transform Bitcoin into the ‘native currency of the internet’. His venture TBD is building a decentralised crypto exchange that will make Bitcoin more accessible globally.
Reports have also surfaced that Twitter may soon add the ability to tip other users with Bitcoin.
Ripple’s XRP coin rose 3% to reach $1.24. It is 11% up over seven days and investors will be hoping it can return to the $1.30 level it reached a couple of weeks ago.
Binance Coin (BNB) climbed 4% to reach $489 and is 1% up in a week.
Meme coin Dogecoin (DOGE) broke back through 30c after a rise of 7% and is also 7% up over seven days.
Solana (SOL), which is at a record high of $113 and now eighth in the price table of the world’s most valuable cryptos, climbed 2% and is a massive 66% up in a week.
This open-source project is designed to facilitate the creation of decentralised apps. Also able to execute smart contracts by utilising proof-of-history technology, it can process 50,000 transactions per second.
Polkadot (DOT) is the other non-stablecoin in the top 10. Following a 5% rise, the token – a proof-of-stake cryptocurrency which aims to securely connect blockchains as a sort of decentralised internet – is at $32.01 and 28% up in a week.
FTX Token (FTT) saw the biggest rise among the top 100, climbing 37% to $67.96. It is 50% up on its price a week ago.
To see how the valuations of the biggest movers and shakers – and main coins – have changed over the last few days, click here.
For valuations of the top 250 coins by market cap (updated every 15 minutes), their market cap plus 24-hour price change and volume traded, see below.
Subscribe to read
Become an FT subscriber to read:
Leverage our market expertise
Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.
Join over 300,000 Finance professionals who already subscribe to the FT.
Will SEC Deliver Missing Crypto Puzzle Piece?
A U.S. policymaker’s visit to Brussels could be key to unlocking access to an estimated $2 trillion market in digital securities for Swiss crypto companies.
Switzerland’s digital asset industry is hoping to get a taste of what future U.S. policy will look like when Gary Gensler, chair of the U.S. Securities and Exchange Commission, meets with the European Parliament on Wednesday.
Home to Tezos, Ethereum, Cardano and a host of other cryptocurrencies, Switzerland already enjoys a well established regulatory framework for its digital asset industry.
By contrast, U.S. blockchain companies are in the dark about how they will be treated by regulators down the road as the SEC has been slow to create a regulatory roadmap for the industry.
Trillion-Dollar Market
With the cryptocurrency market estimated at $2 trillion, Gensler might have to speed up decision making at the SEC.
Progress in the U.S.' digital asset regulation would benefit Switzerland’s cryptocurrency companies, as it would give them access to a larger market, according to Zurich-based lawyer Tina Balzli at CMS who is specialized in fintech and blockchain.
«We’ve built a Ferrari in terms of regulation of digital assets and road infrastructure, but what’s missing is the connector,» Balzli says.
Unclear U.S. Path
Cracking this cross-border connection is complicated by differing views within the SEC itself: «The hope in Europe is that Gary Gensler draws a map of the whole process and direction the U.S. plans to go in,» Balzli notes.
On Wednesday, Gensler acknowledged how borderless token markets are. Ahead of his meeting in Brussels, Gensler told the «Financial Times» (behind paywall) that investor protection on cryptocurrency trading platforms was »really sparse.» He also warned that their future survival depended on them collaborating with authorities.