($BTC), ($ETH) – Why Cardano Is Surging Amid Bitcoin-Led Crypto Slump
What Happened: ADA traded 0.15% higher at $1.03 at press time. BTC and ETH traded 7.79% and 8.58% lower at $46,060.24 and $1,469.55 respectively.
Cardano has found a firm footing after it slid to a weekly low of $0.82 following the news that Venus Protocol community members had approved a proposal to add ADA as a digital asset on Venus.
— Venus (@VenusProtocol) February 23, 2021
Other developments that have been propelling ADA higher include the announcement Thursday from Dubai-based FD7 Ventures that it plans to sell $750 million worth of BTC over the next 30 days to buy positions in ADA and Polkadot (CRYPTO: DOT).
Why It Matters: Open interest for ADA futures rose to $580 million pushing past Litecoin (CRYPTO: LTC) to become the third-largest derivatives market, Cointelegraph reported.
This month, Cardano transformed its blockchain to a multiasset network akin to ETH after a hard fork.
This is one of the factors cited as driving the price movement in ADA, as per Cointelegraph. The cryptocurrency has risen 484.06% since the year began.
Ethereum-killers such as ADA or Solana (CRYPTO: SOL) are attracting attention for their DeFi utility or smart-contract functionality.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.