Key Points
- Cardano (ADA) experiences a 33% rally, reaching a seven-month high, while Bitcoin (BTC) continues to hit new all-time highs.
- Bitcoin’s surge is attributed to Donald Trump’s electoral win, dubbed the “first pro-crypto president.”
Cardano has made significant gains, demonstrating a strong bullish momentum for the first time in seven months. This coincides with Bitcoin consistently reaching new all-time highs.
Cardano’s Rally
Cardano (ADA) has made significant gains among the top 100 cryptocurrencies in the past day, with a rally of 33%. The asset hit a high of $0.594, a level not seen since April, and is currently trading at $0.57.
The market cap of Cardano hit the $20 billion mark, ranking it as the ninth-largest digital currency. Its daily trading volume also exceeded the $2 billion mark.
Bitcoin’s Surge
Bitcoin (BTC) experienced a significant spike following Donald Trump’s popular vote win and electoral college victory on November 5. The leading cryptocurrency hit an all-time high of $79,780. Bitcoin’s market cap also reached $1.58 trillion with a circulating supply of 19.78 million coins. Currently, Bitcoin is trading at $79,000.
The global crypto market capitalization is at $2.85 trillion, up $420 billion over the past week, according to CoinGecko data. The total crypto trading volume reached $172 billion in the past 24 hours.
Factors Influencing Crypto Market
Many believe Trump’s win has triggered an upward trajectory in the crypto market, labeling him the “first pro-crypto president.” Bitcoin hit an all-time high of $75,000 after Trump’s electoral votes exceeded 270 on November 6.
Spot BTC exchange-traded funds in the U.S. also saw a record net inflow of $1.37 billion on November 7, contributing to the positive sentiment in the industry. Total net inflows surpassed the $25 billion mark.
Following the recent push, total crypto liquidations increased by 68% in the past 24 hours, reaching $384 million, according to Coinglass data. Bitcoin registered $102 million in liquidations. Short liquidations typically trigger upward momentum.
ADA also experienced $7.3 million in liquidations. High trading volume and liquidations can lead to high volatility. The commencement of long liquidations and profit-taking from short-term traders could potentially indicate a market-wide correction.
