Crypto On March 14: Cardano, Terra Luna Become Top Movers; Market Cap Lower

Five of the top 10 cryptocurrencies traded in the green Monday, with Cardano, Terra Luna becoming the top movers. However, the global market cap was down. Experts say the market sentiment will largely depend on the global situation.

While Cardano rose 1.69%, Terra Luna surged 4.79%, as of 4.56 a.m. ET, CoinMarketCap data showed.

One reason for Cardano's rise could be the increasing number of projects on the network. The Cardano network has some 517 projects up and running, said Tom Harrison, marketing and communication director at IOHK: Input-Output.

Bitcoin rose 0.05% to $39,079. Ethereum, too, surged 0.58%.

Crypto trading platform Abra's top executive was bullish about Ethereum as he said that the top coin has the potential to hit $40,000, given its much better use cases compared to Bitcoin.

The global market cap was down 0.33% at $1.74 trillion. Meme cryptos Dogecoin and Shiba Inu too plunged.

As uncertainties continued at the global level, industry insiders believe that the market sentiment will largely depend on how the Russia-Ukraine conflict will play out.

"Despite the initial watershed moment for crypto, with the executive order issued by the Biden administration for crypto, the presence of the ongoing conflict, rising energy prices and wider inflation concerns were key macroeconomic factors that continued to weigh on investors’ minds, leading to the overall weak market sentiment," Indian exchange CoinDCX said.

"As to where we will go from here, it will largely depend on how the global situation plays out, along with the Fed’s economic response to such developments," the CoinDCX research team told International Business Times.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.