Cardano emerges as a top gainer, BTC nears $80,000
Cardano gained strong bullish momentum for the first time in seven months as Bitcoin keeps hitting new all-time highs. Cardano (ADA) emerged as the top gainer among the leading 100 cryptocurrencies in the...
Cardano gained strong bullish momentum for the first time in seven months as Bitcoin keeps hitting new all-time highs.
Cardano (ADA) emerged as the top gainer among the leading 100 cryptocurrencies in the past 24 hours, with a 33% rally. The asset reached $0.594 earlier today—a level last seen in April—and is trading at $0.57 at the time of writing.
Cardano’s market cap reached the $20 billion mark, making it the ninth-largest digital currency. Its daily trading volume also surpassed the $2 billion zone.
Bitcoin
Bitcoin (BTC) spiked after Donald Trump won the popular vote and the electoral college on Nov. 5. The leading cryptocurrency reached an all-time high of $79,780 at 05:43 UTC today. It also saw its market cap reach $1.58 trillion with a circulating supply of 19.78 million coins.
Bitcoin is trading at $79,000 as some investors have already started profiting.
According to data provided by CoinGecko, the global crypto market capitalization is currently at $2.85 trillion, up $420 billion over the past week. The total crypto trading volume reached $172 billion in the past 24 hours.
What’s pushing crypto?
Trump’s win triggered an upward trajectory in the crypto market as many called him the “first pro-crypto president.” Bitcoin reached an ATH of $75,000 after Trump’s electoral votes surpassed 270 on Nov. 6.
Spot BTC exchange-traded funds in the U.S. also witnessed a record net inflow of $1.37 billion on Nov. 7, adding to the industry’s positive sentiment. Total net inflows surpassed the $25 billion mark.
Following the latest push, total crypto liquidations increased by 68% in the past 24 hours, reaching $384 million, according to data from Coinglass. Bitcoin registered $102 million in liquidations—$13 million long and $89 million shorts.
Usually, short liquidations trigger upward momentum.
ADA also saw $7.3 million in liquidations—$1.6 million longs and $5.7 million shorts—per Coinglass.
It’s important to note that high trading volume and liquidations would lead to high volatility. The start of long liquidations and profit-taking from short-term traders would potentially hint at a market-wide correction.
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