Breaking Market Roundup: Bitcoin Drifting Lower, Cardano at ATHs

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In Brief
  • Bitcoin (BTC) and Ethereum (ETH) moved downward slightly on Feb. 27.

  • Cardano (ADA) hit new ATHs for price and market cap.

  • DeFi projects are doing well due, it seems, to interest in alternatives to Ethereum.

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On Saturday, the crypto market floated in place, drifting down 0.26% in market capitalization at press time. Bitcoin and Ethereum sank slightly more than that. Cardano is still rising, and spent the day resting after an ATH in the morning.



Bitcoin drifts

The most famous coin changed rather little during the day. However, one piece of news might portend a change. Analytics firm Glassnode reports that for the first time since December, mining companies are saving more Bitcoin than selling it. However, the market has not digested this information yet, it seems.

Ethereum

The second-ranked coin also drifted sideways during Saturday with the price hovering around the $1500 mark. Institutional investor interest news has not filtered through, yet. Market volume over the last 24 hours is down over 38%, however.

Cardano in #3

Cardano’s bull run kept moving upward today, as ADA took ATHs in both price and market cap. The coin hit a peak on Saturday of $1.48. Market capitalization was up over 14% at over $43 billion, and trading volume rose over 61% in the last 24 hours. 

Cardano’s #3 position by market cap comes as the end of a month-long fight for fourth place between ADA and DOT, with XRP, BNB and USDT also appearing as whatever coin was in third place eventually sank. However, with the Cardano run in place and a major platform upgrade occurring on Mar. 1, there is no indication of a change in ADA’s fortunes just yet. At least, as long as the upgrade goes smoothly.

DeFi-nately DeFi

As the fight for fourth place continues, Binance Coin (BNB) still has a lead over Polkadot (DOT) in terms of market cap, but the DeFi project is showing stronger coin performance at this time. Like Cardano, Polkadot and Stellar (XLM) are all seeing double-digit price growth on an otherwise lack-luster weekend day. 

The main reason for these platforms increasing is likely to be the cost of GAS on Ethereum. High transaction costs on Ethereum raised awareness of these platforms in the first place. Lower fees on these platforms increasingly attracts user attention, and with that, trader attention as well.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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