Crypto On June 6: Top Tokens Bitcoin, Ethereum Rise, Cardano Surges Too

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KEY POINTS

  • Cardano zooms over 10%
  • Market cap rises
  • Most top tokens trade in green

The cryptocurrency market turned green Monday as top tokens including Bitcoin and Ethereum gained momentum. Cardano also zoomed over 10%. 

The global market cap was up 4.04% at $1.28trillion, as of 2.57 a.m. ET, CoinMarketCap data showed. Bitcoin rose 5.28% to $31, 317. Ethereum gained 5.16% to $1888. 

According to WazirX’s daily analysis, Ethereum against Bitcoin remained fairly neutral over the past week even though Bitcoin’s dominance index continued to reach new highs in over 7 months.

“The daily chart for ETH-BTC continues to traverse within a descending channel pattern. The next support for ETH-BTC is expected at 0.055 level,” the Indian exchange told International Business Times

According to Glassnode, the Total value Staked In ETH 2.0 Deposit contract has risen to new highs as the Ethereum Merge nears its date.

Cardano surged 10.34%. The token’s surge could be attributed to the blockchain’s expected deployment of the “Vasil hard fork” on the system’s test network, which will increase its operational throughput and efficiency this month. 

Solana also gained. So did meme cryptos Shiba Inu and Dogecoin. 

A recent study conducted by The Economist estimated that 37% of the participants want their governments to declare Bitcoin or other cryptocurrencies as legal tender for internal transactions. The participants also favoured Central bank digital currencies (CBDCs) as 37% will agree if their countries’ authorities issue such a financial product.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.​

Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin and Ripple plunge into water in this illustration taken May 17, 2022. Photo: Reuters / DADO RUVIC