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The crypto market is having a great day on Tuesday. As of just after 2 p.m. ET, many leading tokens were enjoying serious 24-hour gains. Here’s a sample of a few leading names, but dozens of altcoins posted similar price increases.
Cryptocurrency
Token Market Cap
24-Hour Price Change
Bitcoin (BTC 0.29%)
$500.5 billion
7.6%
Ethereum (ETH -1.61%)
$212.8 billion
5.9%
Cardano (ADA -3.98%)
$12.7 billion
4.1%
Data from Coingecko.com, reflecting 24-hour price changes at 2 p.m. ET, March 14, 2023.
The surging crypto market also lifted many stocks with close ties to the sector. For example, shares of leading crypto-trading exchange Coinbase (COIN 2.20%) rose as much as 11.9% Tuesday before settling back to a 5.9% gain at the close of the trading session.
There are many crypto-related balls in the air right now. Future historians will probably write books about this week in blockchain history. At the very least, you’ll see chapters about it in primers on the early days of crypto investing. This brief news roundup doesn’t aim for that kind of scope. Instead, here are some of Tuesday’s most game-changing highlights — in no particular order:
Tuesday’s jumps added to the momentum these cryptocurrencies built up over the weekend. Cardano has gained 17% in two days, Ethereum rose 18% over the same period, and Bitcoin is up by 23%.
This is not a full recovery from the pains of 2022. Ethereum is trading at prices last seen last August and Bitcoin’s bounce has brought it back to levels it previously slid below in June. Coinbase and Cardano, by contrast, have only gotten back to last week’s price levels.
All of these tokens have a long way to go before they could set fresh all-time highs again. The Fed might provide fuel for those fires next week, sending crypto prices skyward by delivering a small interest rate increase or by forgoing one, but it would probably take much more to drive that sort of response. I’m talking about progress toward a firmer regulatory framework for trading and ownership of cryptocurrencies, along with an array of consumer-ready apps and services in the crypto-based financial sector.
These events are not likely to be the spark that lights the crypto market’s moon-bound rockets again. Call it a dress rehearsal for the real surge, or maybe even a head-fake ahead of the next plunge. Always in motion is the crypto future. Stay tuned for further drama, and feel free to make some modest investments in this volatile sector. Just be prepared for a plethora of speed bumps and potholes in the road ahead.
Anders Bylund has positions in Bitcoin, Cardano, Coinbase Global, and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Cardano, Coinbase Global, and Ethereum. The Motley Fool has a disclosure policy.
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