Cardano emerges as a top gainer, BTC nears $80,000

As Bitcoin continues to reach all-time highs, Cardano gained strong bullish momentum for the first time in seven months.

Cardano (ADA) is the biggest gainer among the top 100 cryptocurrencies, rising 33% in the last 24 hours. The asset reached $0.594 earlier today (a level last seen in April) and is trading at $0.57 at the time of writing.

ADA price | Source: crypto.news

Cardano’s market cap has reached $20 billion, making it the ninth largest digital currency. Daily transaction volume also exceeded the $2 billion region.

Bitcoin

Bitcoin (BTC) rose after Donald Trump won the popular vote and the electoral college on November 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 are already taking profits.

BTC price | Source: crypto.news

According to data provided by CoinGecko, the capitalization of the global crypto market has now reached $2.85 trillion, up $420 billion last week. Total crypto trading volume reached $172 billion in the last 24 hours.

What’s pushing crypto?

Trump’s victory triggered an upward trend in the crypto market, with many calling him “the first pro-cryptocurrency president.” Bitcoin reached the $75,000 ATH after Trump’s electoral votes surpassed 270 on November 6.

Spot BTC exchange-traded funds in the US also witnessed record net inflows of $1.37 billion on November 7, strengthening the sector’s positive sentiment. Total net inflows exceeded $25 billion.

Following the latest move, total crypto liquidations increased by 68% in the last 24 hours, reaching $384 million, according to data from Coinglass. Bitcoin recorded liquidations of $102 million; $13 million long position and $89 million short position.

Often short liquidations trigger upward momentum.

ADA also saw liquidations of $7.3 million ($1.6 million long and $5.7 million short), according to Coinglass.

It is important to remember that high trading volume and liquidations will lead to high volatility. The start of long liquidations and profit-taking from short-term investors could potentially signal a market-wide correction.