Major cryptocurrencies traded higher in the late hours of Thursday, as the global cryptocurrency market cap rose 6.62% to $2.03 trillion.
What Happened: Cardano (CRYPTO: ADA) shot up 13.97% to $2.39 over 24 hours at press time. Over a week, ADA traded 21.23% higher.
See Also: How To Buy Cardano (ADA)
The apex cryptocurrency, Bitcoin (CRYPTO: BTC), traded 6.17% higher at $47.029.53 over 24 hours. Over a seven-day period, BTC rose 3.89%.
Ethereum (CRYPTO: ETH) traded 7.97% higher at $3,217.44 over 24 hours and was up 3.03% for the week.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) shot up 5.48% to $0.31 over 24 hours. DOGE gained 15.49% over seven days.
The largest gains in 24 hours as of Thursday night were in SwissBorg (CRYPTO: CHSB) which spiked 27.13% to $0.91 over 24 hours and 26.27% over seven days.
CHSB, a token of a project which seeks to democratize wealth management, rose 19.82% and 17.95% against BTC and ETH respectively.
Other notable gainers over 24 hours at press time included The Graph (CRYPTO: GRT), Fantom (CRYPTO: FTM), and Polygon (CRYPTO: MATIC).
GRT rose 23.61% to $1.04, FTM was up 23.36% at $0.53 and MATIC appreciated 14.31% to $1.50 in the period.
Why It Matters: Cardano has been buoyant in recent days after it was announced that the Charles Hoskinson-created currency would gain smart contracts functionality on Sept. 12.
ADA hit an all-time high of $2.46 just three hours before press time and has declined 3.29% from that level.
On Wednesday, minutes from the Federal Open Market Committee or FOMC indicated that the Federal Reserve may slow down asset purchases later in 2021, this tapering down of stimulus weighed on both the cryptocurrency and stock markets.
FundStrat noted in a newsletter that BTC’s ability to hold the 200-day moving average would be “the first domino to fall in a move towards a rally through the end of this year,” reported Coindesk.
“We notice a mid-cycle trend forming in which active market participants are moving from BTC and ETH and into other alternative coins,” noted the market research boutique.
As per Bitpanda BTC gains have been eclipsed by those of altcoins such as Cardano, XRP (CRYPTO: XRP), and DOGE, which locked in gains of more than 40% compared with 7% gain for BTC over the past two weeks, as per Coindesk.