Altcoin Season Heating Up Again as Cardano, Tron Power Market Rally
Crypto markets were back on the offensive Wednesday, with some of the most prominent altcoins and tokens leading a sharp trend to the north after a brief period of consolidation. Much like the February rally, the current uptrend was sparked by Litecoin (LTC), which managed to outwrestle the market bears en route to new yearly highs.
Cardano, Tron Surge
Following in Litecoin’s footsteps, the top 20 cryptocurrencies by market cap all reported gains Wednesday. Litecoin jumped 8.6% to $138.34, a new yearly high.
Cardano (ADA) and Tron (ADA), coins ranked 11th and 12th respectively, were the biggest gainers. The ADA price notched gains of 11.1% to $0.0925, the highest in nearly a month.
Cardano has benefited from a slew of development news tied to its upcoming Shelley upgrade. As founder Charles Hoskinson recently disclosed, Cardano users will soon be able to access a “mainnet-like” experience of the upgrade sometime this month. Read more: Cardano (ADA) Leaps Higher as Testnet Anticipation Builds.
Tron’s TRX token climbed 8.1% to $0.0329. The coin is trading well below its peak from earlier this month when prices crossed the 4-cent mark for the first time since June 2018.
Tron was also in the news recently after founder Justin Sun paid $4.6 million in the annual eBay charity auction to meet with billionaire investor Warren Buffett. Earlier this week, Sun told Yahoo Finance that the goal of the lunch is to bridge the gap “between the cryptocurrency community and the traditional investor.”
Large-caps like Ethereum (ETH) and XRP also traded higher on Wednesday. The ETH price climbed 3.3% to $249.74. XRP advanced 1.9% to $0.3977.
The total cryptocurrency market cap improved to $257.1 billion, recovering nearly $16 billion from Sunday’s low. The market is up $44 billion over the past month.
Coinbase Launches Crypto Debit Services
Wednesday’s crypto rally coincides with news that Coinbase has launched a new debit card service for residents of six European countries, a move that could hasten adoption of digital assets in some of the world’s largest markets.
As CNBC reported, the San Francisco-based cryptocurrency exchange now offers Coinbase Card in Spain, Germany, France, Italy, Ireland and the Netherlands. The card allows users to spend their cryptocurrency in stores that accept Visa credit cards.
“You can buy groceries on bitcoin and then coffee on litecoin right after,” Coinbase U.K. CEO Zeeshan Feroz told CNBC in an interview.
Coinbase Card is part of a much wider effort to bring cryptocurrencies to mainstream consumers, a move that could serve as a precursor to the digital asset class becoming a permanent fixture in the digital economy.
As Hacked reported back in February, cryptocurrency adoption is spreading like wildfire, with the likes of Intercontinental Exchange (ICE) looking to integrate digital assets across multiple domains. ICE’s Bakkt startup will eventually allow consumers to pay with cryptocurrency at major retailers.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.