The general cryptocurrency market is experiencing a rather exceptional weekend, if you will, with a nice climb into the green. Nonetheless, rounding places Cardano, the eighth-ranked cryptocurrency in terms of total market value, at 30 cents and fiat for the day. Increasing its month-over-month loss by 5.4%. The 40 cents are now breaking through the psychological barrier. The 40 cents are now breaking through the psychological barrier. I predict that when Cardano reaches 50 cents, the rest of the cryptocurrency market and Cardano will be in a strong position to grow. But, with the price currently trading at 30 cents, it is something that, depending on what Cardano does, could go either way. We need to find some support so that we can recover from these low points and sort of rally back up to 40 cents.
Yet, given the current macroeconomic climate, inflationary data, and ongoing regulatory standpoints that the Federal Government and the SEC are attempting to adopt, this is not the case. To return Cardano and all the other cryptocurrencies to bullish zone, we simply need some positive emotion to emerge from that side of the game. Djed appears to be gaining momentum after surpassing USDT as a result of the stablecoin issue over the weekend. Djed has recently gained a premium over the market and has even recently traded over a dollar. This is a perfect illustration of what is taking place with stablecoins and how regulation is starting to take place. The success of this stablecoin depends on the asset backing these stablecoins.
Djed should never have a value of $1.08, regardless of how successful it is as a stablecoin. Contrarily, USDC shouldn't ever value $0.5, falling to 97.98 cents and igniting a two million person panic. Due to the recent unrest with stable on the stablecoin, Djed is taking off and becoming more dominant over USDC. Although Silvagate's bankruptcy and everything else related to what transpired over the weekend have an impact on USDT, they are unrelated events. Djed's market value is $545,000, up 268% over the last two days, and we are talking about 73.5 billion dollars in USDT. This tragic situation has benefited Cardano's backed stablecoin, and this crisis has been the first significant test for Djed. Since its introduction, which was more than a month ago, it has been an algorithm stablecoin with redundant collateral; this is where the mechanism will be put to the test.