Nov 16, 2024

6thTrade


XRP and Cardano (ADA) have emerged as the standout performers among the top 10 cryptocurrencies by market cap over the past 24 hours. Meanwhile, Bitcoin (BTC) continues its upward trajectory, trading above $90,000 and sparking optimism about a potential surge to $100,000 or beyond.

XRP and Cardano Surge in the Past 24 Hours

As of now:

  • XRP has climbed over 12% in the past 24 hours, trading near $0.90. The token has gained an impressive 64% over the past week.

  • Cardano (ADA) leads the pack with a 22% daily increase, trading around $0.68. Over the past week, ADA has surged 53%, making it the biggest gainer among the top 10 coins.

Bitcoin Nears $90K Amid Bullish Sentiment

Bitcoin remains a key focus for investors as it hovers above $90,000, continuing its bullish momentum since November 5, following Donald Trump’s election as the next U.S. president. BTC has gained 1.4% in the past 24 hours and 18% over the last week.

Despite the bullish sentiment, activity from a Satoshi-era wallet has drawn attention, with 2,000 BTC sent to an exchange. However, this has done little to dampen Bitcoin’s steady climb.

Market Liquidity Boost Driving Price Gains

Analysts at CryptoQuant point to increasing market liquidity as a key driver of recent price gains:

  • $3.2 billion in USDT has flowed into exchanges since the U.S. presidential election, marking the highest net inflow of stablecoins since November 2021.

  • This influx of liquidity is fueling bullish momentum across the market, particularly benefiting altcoins like XRP and ADA.

Additionally, Bitcoin reserves on exchanges have dropped sharply, reaching levels last seen in November 2018. This trend suggests strong hodling behavior and reflects extreme market greed, which could contribute to further upward price pressure.

Bitcoin on Track for $100K?

Market analysts predict that Bitcoin could soon reach $100,000. A decrease in exchange supply coupled with increasing buy pressure sets the stage for another explosive move.

According to Matthew Sigel, head of research at VanEck:

“BTC is just at the start of its bull market.”

Bitcoin recently peaked at $93,000, adding to the growing optimism that this rally is far from over.

Conclusion

With XRP and Cardano leading the charge among top coins and Bitcoin maintaining its momentum above $90K, the cryptocurrency market is in a strong bullish phase. The combination of increasing liquidity, declining exchange reserves, and growing market confidence hints at further gains across the board, with Bitcoin’s much-anticipated $100,000 milestone potentially on the horizon.