Cardano Price Climbs on Institutional News, but Gives Back Gains
Cardano's price has been on an upswing this week, rising from around $0.208 to an intraday high of $0.2312 on September 19th, a 9.34% increase. However, the token gave back some of its gains on Saturday, settling at $0.2193 with a volume of $473.1m against a market cap of $8.23bn.
The news flow behind the rally is largely driven by institutional announcements, including Cardano's joining Mastercard's Crypto Partner Program and Trivolve's IndiaChain agritech deployment going live on Cardano mainnet. However, these developments have not directly increased demand for ADA, but rather provided a boost to sentiment.
Analysts are cautioning that the price action is fragile and may not hold up to further Fed rate hikes or a broader risk-off move in the market.