• Metacade (MCADE) price has jumped by 275% from its all-time low, making it one of the best-performing cryptocurrencies in the world.
• Macroeconomic events favor cryptocurrencies, as the Fed recently ended its hiking cycle due to slowing economic growth and increased risk in the banking sector.
• There are important news that could push Metacade higher, such as an increasing number of holders and Bitcoin’s role as a safe haven asset.
Metacade (MCADE) has had a strong rally since going public in April this year, with prices jumping by over 275%. This article discusses three reasons why Metacade’s price is likely to continue soaring in the near term.
Macroeconomic Events Favour Cryptocurrencies
The Federal Reserve recently decided to hike interest rates by 0.25%, bringing them to about 5.25%. This marks the end of their rate hiking cycle as signs point towards a slowing American economy with weak GDP data, contracting manufacturing sector and stubbornly high inflation levels. The banking sector is also at its biggest risk in years, with FDIC seizing First Republic Bank and selling it to JP Morgan. As such, investors may be turning to cryptocurrency assets like Metacade due to their potential for safety during uncertain times. This is evident from Bitcoin’s performance against stocks this year.
Important News Could Push Metacade Higher
The number of MCADE holders has been steadily increasing over the past few weeks according to Etherscan data which shows 9,239 holders at present – much higher than last month’s numbers. This indicates growing interest towards the token which could potentially drive prices up further. Additionally, Bitcoin’s status as a safe haven asset will also benefit other altcoins including Metacade if macroeconomic conditions remain uncertain or become worse going forward.
A combination of macroeconomic events favouring cryptocurrencies and important news related to Metacade suggest that the token is likely to have continued success over the coming days or weeks ahead. However investors should always conduct their own research before investing in any digital asset or security so they can make informed decisions regarding their investments.