Cardano (ADA) Becomes Best Performer in Top 100 After 15% Price Pump

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As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I must say that the recent surge of Cardano (ADA) is nothing short of impressive. I vividly remember when ADA was trading at less than a dollar back in 2017, and now it’s flirting with $0.84! The double-digit price upsurge in just a week is a testament to the resilience of this project.

In simple terms, the digital currency associated with Cardano, known as ADA, has significantly increased in value during the past week, rising more than 15% in just the previous 24 hours. As a result, it is poised to displace Lido Staked Ether (LSTETH) as the ninth largest cryptocurrency by market capitalization. Cardano, being the second-largest Proof of Stake network, has seen remarkable growth recently.

Cardano (ADA), Stellar (XLM) leave all of top 100 cryptos in the dust

Cardano (ADA), the native cryptocurrency of the eponymous proof-of-stake blockchain, becomes the top gainer among the 100 largest digital assets. In the last 24 hours, its price jumped by 15,1% and exceeded $0.84 per coin. The net market cap of the project eyes $30 billion, CoinGecko says.

Approximately $3.7 billion worth of Cardano (ADA) trades occurred within the past day. This substantial trading activity led to roughly $7 million in Cardano (ADA) positions being terminated through liquidations, with around 70% of these being short positions.

Cardano (ADA) last traded above $0.84 in April 2022, prior to the crash of the Terra/Luna system and subsequent crypto market downturn. The coin’s highest value ever, over $3, was reached in September 2021. In just the past week, ADA has seen a significant increase of around 50%.

At the same time, Stellar Lumens (XLM), another established cryptocurrency in the top tier, also experienced a significant price increase of over ten percent. In just the last week, the XLM price has more than doubled, positioning it to potentially surpass meme coin Pepe (PEPE) as the 22nd largest cryptocurrency by market capitalization.

Previously reported by U.Today, the increase in Cardano’s (ADA) price coincides with an uptick in whale involvement.

Ethereum (ETH) hits new low against Bitcoin (BTC)

Over the past week, there were approximately 8,900 significant transactions of ADA, representing a six-month peak for this metric.

With Bitcoin (BTC) soaring past $94,000, it appears that nearly all of the cryptocurrency market is experiencing gains. Yet, Ethereum (ETH), the largest digital currency, seems to be left out of this rally. Currently, the exchange rate between Ethereum and Bitcoin has dipped below 0.033, meaning one Bitcoin now trades for approximately 30 Ethereums.

As an analyst, I find it intriguing that Ethereum (ETH) hasn’t been this affordable in relation to Bitcoin’s (BTC) orange coin since April 2021. The underperformance of Ether could potentially indicate the approach of an altcoin season, a period where alternative cryptocurrencies tend to outperform Bitcoin after a significant bull run. The crypto community is starting to acknowledge this possibility.

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2024-11-20 18:34