Why Cardano (ADA) Is Rising

Cardano ADA/USD is trading higher by 4.05% to $0.42 Thursday afternoon. Several altcoins are trading higher on continued upward momentum in cryptocurrencies. Bitcoin crossed above $30,000 for the first time in 2023 during Monday's trading session.

Our Benzinga team on Thursday reported Bitcoin's value has been on the rise over the past few days, apparently fueled by expectations of the upcoming halving and the possibility of a U.S. Federal Reserve interest rate cut, which could counterbalance slower growth and tightening credit conditions due to issues in the banking sector.

Crypto may also be trading higher in sympathy with the broader U.S. market following a decline in the producer price index for March, which has eased some inflation concerns.

See Also: Here's How Much $100 Invested In Ethereum Today Will Be Worth If It Hits New All-Time Highs