Market Cap: $3,052,473,135,211
24h Vol: $86,926,750,486
Cryptocurrencies: 28005
Markets: 116055
Cryptocurrencies: 28005
Markets: 116055
Market Cap: $3,052,473,135,211     
24h Vol: $86,926,750,486
Seeking Alpha 2023-02-14 23:28:47

Why did cardano's price jump up today? Cryptos rise on CPI data

Why did cardano's price jump up today? Cryptos rise on CPI data
Cardano ( ADA-USD ) was one of the biggest percentage gainers among major cryptocurrencies Tuesday, climbing as much as 9.3%, as consumer price inflation data for January spurred buying pressure across risky assets. Crypto prices initially swung between gains and losses after the hotter-than-expected CPI release, only to end up markedly higher. The rally in cryptos was accompanied by a risk-on day for the tech-heavy Nasdaq ( COMP.IND ), increasing 0.5% . Overall, the global crypto market cap increased 2.9% to $1.03T as of shortly before 6:30 p.m. ET, according to CoinMarketCap data . Cardano ( ADA-USD ), the eighth largest crypto by market cap, rose perked up 7.6% to $0.39 at the time of writing. By comparison, ethereum ( ETH-USD ) rose 3.5% to $1.56K. See why Seeking Alpha contributor The Digital Trend last month believed cardano was a Strong Buy .
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