XRP and ADA soar as Bitcoin eyes breakout above $90k

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Coinjournal2024/11/15 20:44

By:Coinjournal

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XRP and Cardano tokens are top gainers among top 10 coins by market cap in the past 24-hour gains.
Bitcoin trades above $90,000 as investors eye spike to $100,000 or higher.

The XRP (XRP) and Cardano (ADA) tokens are leading the top 10 coins by market cap in 24-hour gains.

At the time of writing, Ripple’s XRP was up more than 12% in the past 24 hours as its price hovered near $0.90. Cardano traded near $0.68, up 22%.

Interestingly, the price of BTC remains near $90k despite a Satoshi-era wallet sending 2,000 BTC to an exchange.

A miner with 2,000 $BTC ($180M) woke up after being dormant for over 14 years and transferred all 2,000 $BTC out today.

This miner earned 2,000 $BTC through mining in 2010 and has held it ever since! https://t.co/PBny3oXw2R pic.twitter.com/Kddhh3YvMY

— Lookonchain (@lookonchain) November 15, 2024

XRP and Cardano surge

XRP price has spiked more than 64% in the past week. Meanwhile, ADA traded near $0.68 on Friday afternoon US trading session, with the Cardano token the biggest gainer among the top 10 with over 22% upside on the day. ADA price has jumped 53% this past week.

Bitcoin (BTC), up 1.4% in the past 24 hours and 18% this past week, continues on its upward path since Nov.5 when the US elected Donald Trump as its next president. Cardano and Ripple tokens have mirrored this upside momentum, with altcoins generally benefiting amid overall bullish sentiment.

“Market liquidity is improving as stablecoins like USDT grow and flow into exchanges. Since the US Presidential election, $3.2B in USDT has entered exchanges—the highest net flow since Nov 2021. This liquidity boost could signal higher crypto prices ahead,” analysts at on-chain data and analytics provider CryptoQuant noted .

Meanwhile, Bitcoin reserves on crypto exchanges has decreased in recent weeks. Currently, that’s around lows last seen in November 2018 and suggests hodling as the market becomes extremely greedy.

According to market analysts, this sharp decline in exchange supply could result in further buy pressure. The expectation is that Bitcoin will explode to and beyond $100k. Matthew Sigel, the head of research at VanEck, says BTC is just at the start of its bull market.

BTC recently rose to highs above $93k.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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