Holders of three popular altcoins, Cardano, Dogecoin, and XRP, had a good morning. Popular altcoins continued to rally overnight, with overnight price gains of around 10%, while the global market capitalization of cryptocurrencies increased 3.77 percent in the last twenty-four hours.
XRP is the market leader, having gained 11.38 percent overnight. It is currently trading at $1.15 at the time of writing. With a market cap of $53.51 billion, XRP is the seventh largest cryptocurrency and has spent a long time in the top ten—for years, it was third to Bitcoin and Ethereum—despite an ongoing lawsuit filed by the US Securities and Exchange Commission against creator Ripple.
The suit claims that Ripple sold XRP as an unregistered security, which Ripple denies, claiming that the SEC’s treatment of XRP is prejudicial when compared to its treatment of other top cryptocurrencies such as Bitcoin and Ethereum.
Cardano, the fourth-largest cryptocurrency by market capitalization, surged 5.25 percent overnight to $2.12. Cardano teased the arrival of smart contracts on the platform later this year as part of the Alonzo network upgrade on Tuesday. Since then, the price of ADA has skyrocketed.
Smart contracts, which were popularized by the Ethereum blockchain, are self-enforcing financial contracts that allow a variety of financial services to take place through a blockchain’s distributed ledger without the need for a bank or broker. Alonzo will bring some of the $110 billion-plus decentralized finance (DeFi) industry to the Cardano network.
Dogecoin, Memecoin, and Dogecoin were briefly in the gang earlier today. It posted significant daily gains of around 11% this morning, bringing the price up from $0.26 to $0.29. Around 11 a.m. UTC, its momentum came to a halt. It is currently trading at $0.28, up 1.9 percent from yesterday.