Cardano (ADA) Price Rally, Bitcoin (BTC) Fresh ATH and More: November 11 Bit Summary

TL;DR

Bitcoin (BTC) hit nearly $82,000, now the 9th largest global asset by market capitalization. Cardano (ADA) price surged 76%, boosted by founder Charles Hoskinson’s latest announcements. Ethereum (ETH) gained 28% in the last week, with analysts predicting a break above $3,200. BTC keeps pumping

The last few days (since Donald Trump’s presidential victory) have been very successful for the cryptocurrency market. America’s 47th president made numerous BTC-related promises during his campaign, and somewhat expectedly, Bitcoin has been at the forefront of the gains lately.

Today (November 11), its price hit a new high of nearly $82,000, while its market capitalization surpassed a whopping $1.6 trillion. This makes BTC the ninth largest asset in the world, surpassing household names like Meta (formerly known as Facebook), Tesla and others.

BTC Price, Source: CoinGecko

Crypto X is full of analysts predicting further gains for the asset. The one using the moniker Checkmate suggested that BTC has entered the so-called “Euphoria zone, convincingly breaking the ATH of previous cycles”.

He also noted that the price record coincided with “a relatively low MVRV ratio.” According to CryptoQuant data, the market value to realized value has been around an index of 2.

Readings below this level indicate that the asset is in a neutral or undervalued zone, suggesting more room for price growth. On the other hand, anything above 2 indicates a possible short-term pullback due to potential profit-taking by investors.

ADA in the spotlight

Cardano (ADA) has seen an even more substantial price increase than BTC in the past week. It is currently trading south of $0.60, representing a 76% increase over the aforementioned period.

ADA price, Source: CoinGecko

It’s worth mentioning that his real bullfight began on November 10, shortly after Cardano founder Charles Hoskinson released a 40-minute video about X. He touched on numerous topics, including the incoming administration of the newly elected president trump

Hoskinson announced plans to spend significant time next year engaging with US policymakers to help create a more comprehensive and potentially supportive regulatory framework for the cryptocurrency industry.

“Crypto policy should be written by the American people, the American crypto industry, and well-intentioned lawmakers who are willing to take the time to listen.”

What about ETH?

The second-largest cryptocurrency by market capitalization was reluctant to join the bull run shortly after Trump’s victory.

However, in recent days, it has seen a substantial increase, with the price briefly breaking above $3,200. It is currently trading around $3,100 (according to CoinGecko data), which is up 28% on a weekly basis, but still far from the all-time high of over $4,800 seen in November 2021.

ETH price, Source: CoinGecko

Several analysts pointed to ETH’s revival, predicting a much more impressive rally in the near future. X user Michael van de Poppe expects the valuation to “have some resistance” around $3,200, envisioning a bombshell once it breaks above that. He also believes that the Ethereum ecosystem “will surpass a lot in the next period.”

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