Why Bitcoin, Ethereum, and Cardano Are Rising Today
After stocks rebounded last week, cryptocurrencies kept the momentum going over the holiday weekend, rising nicely after weeks of losses.
Over the last 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), rose roughly 2.3%, the price of Ethereum (CRYPTO: ETH) traded 2.4% higher, and the price of Cardano (CRYPTO: ADA) popped more than 15% as the network continues to see more utilization.
Bitcoin has fallen close to 34% this year in the face of high inflation and the Federal Reserve's aggressive rate hikes, which are expected to continue throughout the year. Those rate hikes have pushed up the yields on safer assets like U.S. Treasury bills, which make riskier assets like crypto less appealing to investors.
Source Fool.com
