Cardano experienced a significant surge after seven months, with a 33% rally in the past 24 hours. The cryptocurrency reached $0.594, a level not seen since April, and is currently trading at $0.57. This surge has propelled Cardano’s market cap to $20 billion, making it the ninth-largest digital currency in the market. Additionally, the daily trading volume for Cardano has exceeded $2 billion.
On the other hand, Bitcoin has been breaking new all-time highs, reaching $79,780 after Donald Trump’s victory in the popular vote and electoral college. The leading cryptocurrency has a market cap of $1.58 trillion, with a circulating supply of 19.78 million coins. Bitcoin is currently trading at $79,000, with some investors already starting to take profits.
The global crypto market capitalization has seen a significant increase of $420 billion over the past week, reaching $2.85 trillion. The total trading volume in the crypto market has also surged to $172 billion in the last 24 hours.
Many attribute the recent bullish momentum in the crypto market to Trump’s victory, with some dubbing him the “first pro-crypto president.” Bitcoin hit an all-time high of $75,000 after Trump’s electoral votes exceeded 270 on Nov. 6. In the U.S., spot BTC exchange-traded funds experienced a record net inflow of $1.37 billion on Nov. 7, contributing to the positive sentiment in the industry. The total net inflows for crypto surpassed $25 billion.
Following the latest surge, total crypto liquidations have increased by 68% in the past 24 hours, totaling $384 million. Bitcoin alone accounted for $102 million in liquidations, with $13 million from long positions and $89 million from shorts. Typically, short liquidations signal upward momentum in the market. Cardano also saw $7.3 million in liquidations, with $1.6 million from long positions and $5.7 million from shorts.
It is crucial to note that high trading volume and liquidations often lead to increased volatility in the market. The initiation of long liquidations and profit-taking from short-term traders could potentially indicate an upcoming market-wide correction. This scenario is something investors should monitor closely in the coming days.