Cardano and Polkadot forge ahead as crypto market recovers before Christmas

A pre-Christmas “Santa rally” gripped crypto markets on Friday and most large-cap coins showed gains for 24 hours. Bitcoin (BTC), ether (ETH), and binance coin (BNB), three of the largest cryptocurrencies by market value, added almost 4%, setting the subject for a broader movement between altcoins or altcoins.

Liquidity on bitcoin exchanges fell to less than $ 8 billion on Thursday, as reported. The trend reflects a historical theme in all markets ahead of the holiday season: trading volumes fall and volatility increases, leading to extreme price movements in either direction. The rally in the cryptocurrency markets from Thursday to Friday morning was led by LUNA, the native token of the decentralized payment network Terra, which jumped to more than $ 100 in Asian hours on Friday.

Cardano’s ADA and Polkadot’s DOT tokens were other big drivers, adding more than 7% each. Both protocols position themselves as rivals to Ethereum and saw major updates this year. Smart contracts went live on Cardano in November, opening it up for DeFi applications in the future, while parachutes went live on Polkadot earlier this month, allowing other blockchains to be created on top of the line. Polkadot network.

Tokens of Near (NEAR), a high-speed blockchain, gained 8% to a new high of $ 14. NEAR traded below $ 8 earlier this week and surged after an integration with Terra for its coins. stable UST. UST is pegged 1: 1 to US dollars and is currently the largest decentralized stablecoin, with a market capitalization of $ 9.6 billion.

Among memecoins, in the last 24 hours dogecoin added 3.4% while shiba inu (SHIB) gained 8% to continue its advance from Monday. SHIB prices briefly reached $ 0.0004 in the early hours of Asia on Friday morning before falling again. Memecoin prices spiked earlier this week when a single entity bought more than $ 136 million in SHIB on Wednesday, as reported.

Tokens of The Sandbox (SAND) led earnings among metaverse projects with a 22% increase in the last 24 hours. The move came when consulting firm PwC Hong Kong said it bought digital land in the metaverse of The Sandbox, marking the first step for a major company.

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