In the past, surprising spikes have been noted for popular altcoins Ethereum (ETH), TRON (TRX) and Cardano (ADA). So, why did these three coins suddenly rise? Here are the price movements and the reasons behind them…
Ethereum leaps with fake news
A false news tweet on Twitter led to a spike in Ethereum price. An influential crypto account with around 200,000 followers has scrambled the market. The account, named LilMoonLambo, claimed that Elon Musk and Tesla will start accepting Ethereum payments in 2023. The tweet was later deleted, but the account is still active and continues to post about ETH. This has led cryptocurrency investors to believe that the influencer is profiting from the ETH price action. It has therefore led to criticism from crypto followers. Because, the value of Ethereum, the largest altcoin with its market value, showed a sudden increase as a result of the tweet. You can see the sharp rise with the prominent green candle in the chart below:
Cardano reaches new milestone
Cardano (ADA) price, on the other hand, rose 4 percent after crossing a brand new milestone. According to the key points announced, Cardano Blockchain has processed a total of 2 million transactions in the last 28 days. This is a sign of intense growth in general. The protocol has seen a total of 1,245 projects built on it this year. Initiated projects reached 129. Last month, this amount was 126. As we reported on cryptokoin.com, Cardano launched the Marlowe smart contract platform on the mainnet in May. This move has so far strengthened the sentiment on the platform.
#Cardano Community, that time of week again. Marlowe went live on testnet, allowing experts from finance without Plutus expertise to build. Massive! Hydra & Mithril continue to hit milestones.
I say again in 28 DAYS @Cardano did 2 MILLION transactions!! Also new projects… pic.twitter.com/dQAt0z912a
— Chris O (@TheOCcryptobro) June 2, 2023
Over the past month, more native tokens have entered the market on Cardano. This is proof that smart contracts enabled with the Marlowe launch are making a difference. A total of 67.8 million transactions have been processed on the platform since the 65.8 million transactions recorded in the same period last month. According to data from DeFiLlama, Ethereum DeFi TVL is set at $27.25 billion while Cardano’s is set at $177 million.
TRON takes off with Ethereum integration
Justin Sun announced on Twitter on Friday that TRON’s TRX benefits from the BitTorrent bridge. It has confirmed that it has expanded its reach by launching on the Ethereum Blockchain. TRON’s TRX is currently trading at $0.08388 and is up nearly 10 percent in the last 24 hours. BitTorrent Bridge allows assets to move quickly and easily between Tron and Ethereum Virtual Machine (EVM) compatible Blockchains. The bridge will further increase the liquidity of TRON’s native cryptocurrency and increase its use in DeFi protocols. Ethereum is currently the largest DeFi ecosystem.
Tron has the second highest TVL among Blockchain networks, with $5.61 billion locked across 22 protocols. Earlier, Sun tweeted that the Tron Blockchain processed nearly 11 million transactions on May 31, reaching a new record daily transaction amount.
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