Cardano Price Retains Most of Its Gains as the Broader Altcoin Season Remains in Play

Data from CoinMarketCap shows that the price of ADA is up 5.99% in 24 hours to $0.8260.

Cryptocurrency prices have remained mixed over the past 24 hours, with Bitcoin (BTC) trading above the $100,000 mark and Cardano (ADA) continuing to rise.

As of 06:45 ET on Wednesday, Bitcoin was trading at around $100,200, showing a slight 0.6 increase for the 24-hour period. The token had hit a high of $100,900 and a low of $99,100.

Meanwhile, Cardano had surged by 5.99 to trade at $0.8262. The coin touched a peak of $0.8274 and a minimum of $0.7730.

In the broader cryptocurrency market, the total market capitalization now stood at $3.63 trillion, with a 24-hour trading volume of $166 billion.

In other cryptocurrency news, three more U.S. states have adopted Bitcoin as a reserve asset. This follows the initial adoption by two states earlier in the year. The state treasurers of Montana, Wyoming, and Idaho have decided to invest a portion of their state's treasury funds in Bitcoin, according to a report by Blockworks.

The report further mentions that the move was announced during the State Treasurers Association Division (STAD) Division spring meeting, which took place in Baltimore on Tuesday. The treasurers also stated their intention to form a working group to discuss and implement the initiative further.

Earlier this year, the treasurers of Arizona and Mississippi became the first to announce their decision to allocate a portion of their state's treasury funds to Bitcoin. At the time, the treasurers expressed their interest in exploring new investment opportunities for their state's treasury assets, considering the potential for cryptocurrency to generate returns and diversify their portfolio.

This development is expected to have a positive impact on the cryptocurrency market, as it showcases the growing mainstream adoption of Bitcoin and other cryptocurrencies. It may also lead to more states and institutions making similar investments in the future.

As the cryptocurrency market continues to evolve, we can expect to see more such collaborations and partnerships between government officials, financial institutions, and the cryptocurrency industry. These partnerships will be crucial in shaping the future of the cryptocurrency market and its integration into the broader financial system.