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Cardano, Polkadot Jump as Bitcoin Holds Above $50K
Major cryptocurrencies including bitcoin and ether regained price levels from Friday after seeing a slight dip over an otherwise quiet Christmas weekend.
Updated May 11, 2023, 6:59 p.m. Published Dec 27, 2021, 12:17 p.m.
The tokens of Cardano (ADA) and Polkadot (DOT), two rivals to the Ethereum blockchain, led gains among major cryptocurrencies amid a muted recovery in broader digital-asset markets on Monday.
Bitcoin (BTC) and ether (ETH), the native cryptocurrency of Ethereum, regained price levels from Friday after seeing a slight dip over an otherwise quiet Christmas weekend.
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Bitcoin failed to break above the $51,000 resistance level on Saturday and fell to $49,700 on Sunday, but traders have since bought the asset back to last Friday’s $50,900 level.
ADA gained 9.5% in the past 24 hours to reach a resistance level of $1.56 during European trading hours on Monday. The move came after Cardano founder Charles Hoskinson spoke in a public broadcast of improved network enhancements in 2022 and efforts for more adoption of ADA in regions such as Africa.
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The Relative Strength Index (RSI), a price-chart indicator, turned overbought on ADA following the move. The tool calculates market momentum for assets. An overbought level implies prices are overvalued and may be primed for a trend reversal or corrective price pullback.
DOT prices rose in the past week as the Polkadot blockchain’s second batch of parachain auctions went live. The cryptocurrency saw similarly overbought levels after an 8% surge to $31.70 in the past 24 hours. Charts showed strength as dips to the $30.80 level in Asian trading hours were bought up by traders.
Parachains are distinct blockchains that run atop the main Polkadot blockchain. Polkadot, however, has a limited number of slots that can support such parachains, meaning winning slots are subject to a community-run auction that uses DOT to vote for slots, leading to increased demand for the cryptocurrency.
Among other large-cap cryptos, tokens of decentralized exchange Uniswap (UNI), which relies on smart contracts instead of third parties to execute crypto-to-crypto trades, rose 12% in the past 24 hours to $19.25 on Monday.
Other “blue chip” decentralized finance (DeFi) tokens from 2020 saw similar price jumps. Tokens of lending protocol Aave (AAVE) and synthetic exchange Synthetix (SNX) were up 10% in the past 24 hours while tokens of DeFi platforms Sushi (SUSHI) and Yearn Finance (YFI) were up 7% in a comparable period.
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The moves followed chatter among crypto traders on Twitter that token prices of relatively older DeFi applications on Ethereum had turned undervalued – compared to their fundamentals – and could see capital inflow.
Jay Hao, CEO of crypto exchange OKEx, said DeFi tokens would see a further rise in 2022.
“As the crypto industry evolves and investors gain more knowledge about crypto assets, we will see more investments in specific coins which belong to blockchain playing pivotal role in decentralized finance,” Hao said in an email to CoinDesk.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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