- Bitcoin and altcoins dip after Bitcoin fails to breach $40,500 price barrier.
- Cardano and Elrond, however, skyrocket, setting new ATH.
- Experts claim innovation is helping drive ADA and EGLD pump.
Cardano (ADA) and Elrond (EGLD) have gone against the current trend and are battling to be the highest gainer.
Cardano had a very good week as ADA gained over 24% in the last 24 hours. ADA also attracted institutional investment as Graystone filed for Cardano Trust. Finally, ADA is now ranked 4th with a market cap of $20,559,152,855, surpassing Tether (USDT).
Also, Cardano recently announced that it would become a multi-asset blockchain with the imminent “Goguen Mary” upgrade. This upgrade will allow users to create and use custom tokens for transactions along with ADA on the network.
Furthermore, the market responded well to the news as this makes Cardano a step closer to self-sufficiency. In addition, once Cardano introduces governance and smart contracts the network will potentially be on par with Ethereum.
However, analysts warn that ADA price will dip as a result of the hard fork required to implement the upgrade on its Mainnet.
On the other hand, Elrond is up 13.63% and trading at $97.21 with a market cap of $1,643,160,819. Recently, the network successfully launched it’s Maiar Wallet on the 31st of Jan 2021. Elrond is currently considered to be one of the most undervalued cryptocurrencies on the market. Moreover, the Maiar wallet gained over 100,000 users in 7 days to rave reviews. One user tweeted,
With the Maiar wallet, Elrond has created a possible way to bridge blockchain and mass adoption. Elrond has a vision of seeing the next billion blockchain users onboarded through Maiar. As a result, the Maiar wallet is fast, cheap and secure. Also, users love the herotag feature that allows them complete privacy.
Cardano and Elrond are strong innovators that are currently enjoying the spoils of delivering to their users what they promise.
Meanwhile, Bitcoin rallied and surged beyond its previous ATH of $40,000, only to dip to about $38,961.80. The dip occurred after Bitcoin failed to break the $40,500 price barrier. Most Altcoins have followed suit.
Of note, analysts predict that Bitcoin will make a full recovery and reach $84,000 by April.