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Cryptocurrency News Articles
Cardano ADA/USD Raced Past Bitcoin BTC/USD to Become the Week’s Best Performer After a Searing Double-Digit Rally on Thursday
Nov 08, 2024 at 11:42 am
ADA spiked over 10% in the last 24 hours to reach its highest level since July 23. The rally catapulted the coin to the second spot in the top 24-hour gainers list
Cryptocurrency ADA enjoyed a stellar week, easily outperforming market heavyweights Bitcoin and Ethereum.
What Happened: Among the top 10 cryptocurrencies, ADA emerged as the week’s best performer, surging over 22% in the last seven days.
The coin’s strong showing far outpaced the gains clocked by Bitcoin and Ethereum, which were driven by the victory of Donald Trump in the presidential election.
Over the last 24 hours, ADA soared over 10% to reach levels not seen since July 23. The latest surge pushed the coin to the second spot in the 24-hour gainers list.
See Also: Ethereum Whales Wake Up From Slumber To Cash Out $90M Amid Rally, But Indicators Show Sentiment Can Flip
According to data from IntoTheBlock, the coin, which is often touted as an “Ethereum Killer,” attracted significant interest from whale investors. Transactions valued at over $100,000 surged 31% in the last 24 hours.
Meanwhile, daily active addresses increased 21% during the same period.
However, the surge in usage appeared to be driven by profit-taking, as the total balance held by long-term holders of ADA fell by 0.28%.
The latest uptick comes despite ADA’s lackluster year-to-date performance. This year, the coin has lost over 30% of its value, while Bitcoin and Ethereum have gained 71% and 29%, respectively.
Price Action: At the time of writing, ADA was trading at $0.4134, up 11.65% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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