Metacade surpasses $0.024 as crypto market rallies after debt ceiling agreement

Key takeaways

• MCADE is up by more than 13% over the last seven days and is now trading above $0.024.

• The rally comes as the crypto market recovers thanks to the debt ceiling agreement over the weekend. 

The cryptocurrency market has underperformed for the best part of May. Bitcoin, the world’s leading cryptocurrency by market cap, is down by nearly 5% since the start of the month.

However, the market has had relief this week, with Bitcoin up by more than 3% over the past few days. MCADE, the native coin of the Metacade ecosystem, is also up by more than 6% in the last seven days.

The imminent debt relief vote in the United States has seen the sentiment in the market become positive.

US debt ceiling vote set for tomorrow

An agreement was reached between President Biden and the House leadership on the United States debt ceiling over the weekend. The House leadership has agreed to suspend the federal government’s $31.4 trillion debt ceiling.

While the deal was struck between McCarthy and Bide, it still has to pass through Congress later this week. The vote is expected to take place tomorrow, May 31st, before the United States runs out of money to pay its debts on June 1st.

Bitcoin and others rally following the debt ceiling deal

The cryptocurrency market was in a bearish mode earlier this month as investors continued to fear that a deal would not be agreed. 

The deal brought optimism to the market as it indicated that the United States would not default on its debt. A US default could result in a recession, and that could see the cryptocurrency market and other financial markets record massive losses. 

Bitcoin and other cryptocurrencies have performed well since the deal was announced over the weekend. Bitcoin touched a low of $25,800 last week but has since renounced and moved past the $28k level on Monday. At press time, the price of Bitcoin stands at $27,710, up by less than 1% over the last 24 hours.

MCADE rallies by 13% in the last seven days

MCADE, the native token of the Metacade ecosystem, has performed well over the past few days. The token has added 13% to its value over the last seven days, outperforming the broader cryptocurrency market.

Metacade is currently trading at $0.0248 per coin and is close to the $0.034 all-time high price it set a month ago. 

MCADE could rally higher in the near term if the…