Home / Cardano News /Biggest Movers: Cardano Moves To 6-Week High, Climbing By Over 6% On Friday

Biggest Movers: Cardano Moves To 6-Week High, Climbing By Over 6% On Friday

31 Mar 2023

BRICS, a set of countries grouped as an alternative to the G7, is now the world’s largest gross domestic product (GDP) bloc, taking purchasing power parity into account, according to reports from Acorn Macro Consulting. Powered By China’s growth, the group now contributes 31.5% to the global GDP, while the G7 provides 30.7%.

BRICS, a group of countries comprising Brazil, Russia, India, China, and South Africa, has emerged as the world’s largest GDP bloc, leaving the G7 economies behind. According to data provided by Acorn Macro Consulting, a U.K.-based macroeconomic research firm, the BRICS bloc now contributes 31.5% to the global GDP, surpassing the G7, which currently accounts for just 30.7%.

A chart provided by Richard Dias, a consultant at Acorn, shows the constant growth of BRICS as compared to the G7 (Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union), and also predicts that the gap will only grow bigger in the coming years.

The big push for the BRICS bloc comes from the growth of the Chinese economy, which surpassed the U.S. GDP measured taking purchasing power parity (PPP) into account, in 2014. According to International Monetary Fund (IMF) estimations, China has a GDP PPP of $30 trillion, ranking first in the world, while the U.S. trails in second place with $25 trillion.

The gap between these groups and the economic influence of BRICS could keep growing in the short term, as more countries are interested in joining the ranks of the alternative group. In February, Anil Sooklal, South Africa’s ambassador to BRICS, stated that this year would be crucial for the expansion of the bloc, as the members were already defining the recommendations and criteria for the acceptance of new members.

Significant economies have already applied to be members of the group, with Saudi Arabia, Egypt, and Bangladesh having acquired equity in the New Development Bank, BRICS’ funding organization. Other countries like Iran, Algeria, Argentina, and Turkey are also interested in joining the bloc.

While it is still only a project, in July 2022 BRICS countries proposed the idea of issuing their own currency in order to undermine the dominance of the U.S. dollar when it comes to international settlements. More recently, President Xi of China and President Putin of Russia have decided to push the Chinese yuan as a settlement currency between Russia and emerging economies in Latam, Asia, and Africa.

What do you think about the rise of BRICS as the largest GDP bloc in the world? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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BRICS, a set of countries grouped as an alternative to the G7, is now the world’s largest gross domestic product (GDP) bloc, taking purchasing power parity into account, according to reports from Acorn Macro Consulting. Powered By China’s growth, the group now contributes 31.5% to the global GDP, while the G7 provides 30.7%.

BRICS, a group of countries comprising Brazil, Russia, India, China, and South Africa, has emerged as the world’s largest GDP bloc, leaving the G7 economies behind. According to data provided by Acorn Macro Consulting, a U.K.-based macroeconomic research firm, the BRICS bloc now contributes 31.5% to the global GDP, surpassing the G7, which currently accounts for just 30.7%.

A chart provided by Richard Dias, a consultant at Acorn, shows the constant growth of BRICS as compared to the G7 (Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union), and also predicts that the gap will only grow bigger in the coming years.

The big push for the BRICS bloc comes from the growth of the Chinese economy, which surpassed the U.S. GDP measured taking purchasing power parity (PPP) into account, in 2014. According to International Monetary Fund (IMF) estimations, China has a GDP PPP of $30 trillion, ranking first in the world, while the U.S. trails in second place with $25 trillion.

The gap between these groups and the economic influence of BRICS could keep growing in the short term, as more countries are interested in joining the ranks of the alternative group. In February, Anil Sooklal, South Africa’s ambassador to BRICS, stated that this year would be crucial for the expansion of the bloc, as the members were already defining the recommendations and criteria for the acceptance of new members.

Significant economies have already applied to be members of the group, with Saudi Arabia, Egypt, and Bangladesh having acquired equity in the New Development Bank, BRICS’ funding organization. Other countries like Iran, Algeria, Argentina, and Turkey are also interested in joining the bloc.

While it is still only a project, in July 2022 BRICS countries proposed the idea of issuing their own currency in order to undermine the dominance of the U.S. dollar when it comes to international settlements. More recently, President Xi of China and President Putin of Russia have decided to push the Chinese yuan as a settlement currency between Russia and emerging economies in Latam, Asia, and Africa.

What do you think about the rise of BRICS as the largest GDP bloc in the world? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

Cardano moved to a six-week high on Friday, as consumer sentiment in the United States fell by more than expected. The University of Michigan’s monthly report fell to a reading of 62 in March, lower than the 63.2 sum markets were expecting. Chainlink also climbed, breaking out of a key resistance level.

Cardano (ADA) surged to a six-week high in today’s session, as markets reacted to the latest University of Michigan consumer sentiment report.

Sentiment in the United States fell to a reading of 62 in March, from a final sum of 67 the month prior.

ADA/USD surged to a peak of $0.4025 earlier in today’s session, following a low of $0.3709 on Thursday.

This move saw cardano climb to its strongest point since February 21, when the token reached a high of $0.4061.

Overall, the surge came as the 14-day relative strength index (RSI) moved beyond a ceiling at the 60.00 mark.

At the time of writing, the index is tracking at 63.67, which is close to a highest point of resistance at 64.00.

Chainlink (LINK) rebounded from Thursday’s losses in today’s session, with the token climbing by as much as 5%

Following a low of $7.17 yesterday, LINK/USD raced to an intraday high of $7.65 on Friday.

As a result of the rally, chainlink once again moved above its long-term resistance at $7.55, hitting a one-week high in the process.

Looking at the chart, today’s breakout coincided with the RSI climbing past a ceiling of its own at 55.00

As of writing, the index is tracking at 57.54, which is marginally below a higher hurdle at the 58.00 point.

Should bulls move beyond this point, then there is a good chance that LINK will move towards $8.00.

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Tags in this story
ada, Analysis, Cardano, Chainlink, LiNK

Do you expect chainlink to extend this rally into the weekend? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

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