Cardano (ADA) Explodes 20% As Crypto Market Cap Eyes $2T (Market Watch)

5 months ago

The cryptocurrency market cap is close to $2 trillion for the first time since May as some altcoins have surged in value, including a 20% jump from ADA.

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Following another dip below $45,000, bitcoin has bounced off and reclaimed $46,000. Most altcoins, though, have outperformed their leader. The most evident example comes from Cardano (ADA), which has surged by 20% in the past 24 hours.

ADA Explodes 20% as ETH Reclaims $3.2K

The alternative coins’ performance has been rather impressive in the past several days. Ethereum is up by 30% on a weekly scale after it went through the London Hard Fork. In the past 24 hours alone, ETH went above $3,200 and spiked to a new multi-month high of over $3,240.

Further gain are evident from Dogecoin (3%), Polkadot (4%), Uniswap (2.5%), Solana (5%), Litecoin (4%), Bitcoin Cash (3.5%), and Chainlink (6%).

Binance Coin is also well in the green (9%) after new listings in the innovation zones. As a result, BNB has neared $400 for the first time in months.

However, Cardano is the most impressive performer from the top ten. ADA has surged by roughly 20% in a day and currently stands at $1.77 – the highest price tag since June 4th.

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This comes amid Charles Hoskinson’s revelation that the team will announce the smart contract launch this Friday.

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The top 100 coins have a new representative in the face of IoTeX (IOTX). The asset has skyrocketed by 175% in a day and 340% in a week to $0.086.

Axie Infinity (62%), Ravencoin (33%), Holo (30%), Helium (25%), Flow (15%), Terra (15%), Kusama (14%), IOTA (13%), and Polygon (10%) complete the double-digit price pump club.

Ultimately, the cumulative market cap of all crypto assets is up by $60 billion in a day and has increased above $1.9 trillion for the first time since May.

Bitcoin Back Above $46K

The primary cryptocurrency has also enjoyed the past several days after it reclaimed $40,000 during the weekend. It went to a high of $46,800 yesterday, which became the highest price line in over two months, but retraced rather quickly amid the taxation developments in the US.

In fact, it dropped to around $44,600, but the bulls regained control immediately and pushed it north again. In the following hours, BTC added more than $1,500 of value and exceeded $46,500 again.

As of now, though, bitcoin has corrected slightly again but still stands above $46,000. Its market cap is again north of $850 billion, but the dominance has declined by 1% in a day as the altcoins have jumped hard.

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