Cardano Emerges as Strong Performer in the Crypto Market as Bitcoin Hits Record Highs
In an exciting turn of events, Cardano has seen a significant upswing in the cryptocurrency market. Out of the top 100 cryptocurrencies, Cardano has secured its place as the highest gainer in the past 24 hours. The digital currency experienced a rise of 33%, skyrocketing to an impressive $0.594 at its peak. The last time Cardano saw such promising numbers was back in April, and as of now, the trading price stands at around $0.57.
Cardano’s Market Performance
The market performance of Cardano has been remarkable, with its market cap soaring past the $20 billion milestone. This surge has led Cardano to climb the ranks and become the ninth-largest digital currency, an impressive achievement in the highly competitive cryptocurrency market. Moreover, Cardano’s daily trading volume has also seen a significant uptick, crossing the $2 billion mark.
Bitcoin Continues to Soar
The Bitcoin market has not been left behind either. With the announcement of Donald Trump’s popular vote and electoral college win on November 5, Bitcoin experienced a spike. The cryptocurrency took a leap to an all-time high, reaching an eye-watering $79,780 at 05:43 UTC. The market capitalization of Bitcoin is also on the rise, now standing at a staggering $1.58 trillion. At present, Bitcoin is trading at a steady $79,000, with investors already beginning to enjoy profitable returns.
Crypto Market Health
Current data suggests a healthy state for the global crypto market. The overall market capitalization is at a whopping $2.85 trillion, indicating a $420 billion increase over the previous week. The total trading volume of cryptocurrencies in the last day alone reached $172 billion.
The Impact Behind Crypto Performance
The crypto market’s impressive performance is widely ascribed to the recent U.S. election outcomes. With Trump’s victory, many have dubbed him as a pro-crypto president, which has subsequently stimulated an upward trajectory in the crypto market. Bitcoin achieved an all-time high of $75,000 when Trump’s electoral votes exceeded the 270-mark on November 6.
Adding to the positive market sentiment, the U.S. spot BTC exchange-traded funds also saw a record net inflow of $1.37 billion on November 7. The total net inflows have surpassed the significant $25 billion mark.
In light of this market boost, total crypto liquidations have also witnessed a 68% increase over the past 24 hours, reaching upwards of $384 million. Bitcoin accounted for $102 million of these liquidations, whereas Cardano saw $7.3 million in liquidations.
Market Volatility in the Crypto Sphere
As a word of caution, high trading volumes and liquidations often result in high market volatility. It’s crucial to note that the start of long liquidations and profit-taking by short-term traders could indicate a potential market-wide correction. As we continue to monitor the market trends in the crypto world, the current statistics suggest a flourishing ecosystem for digital currencies, with Cardano and Bitcoin as noteworthy performers.
