Cardano’s (ADA) Price Rally, Bitcoin’s (BTC) Fresh ATH, and More: Bits Recap Nov 11
TL;DR
- Bitcoin (BTC) hit nearly $82,000, now being the 9th-largest global asset in terms of market cap.
- Cardano’s (ADA) price rose 76%, driven by founder Charles Hoskinson’s latest announcements.
- Ethereum (ETH) gained 28% in the last week, with analysts eyeing a breakout past $3,200.
BTC Keeps Pumping
The past several days (ever since Donald Trump’s US presidential win) have been highly successful for the cryptocurrency market. The 47th President of America made numerous BTC-related promises during his campaign, and somewhat expected, Bitcoin has been at the forefront of gains lately.
Earlier today (November 11), its price hit a new peak of almost $82,000, while its market capitalization exceeded the staggering $1.6 trillion. This makes BTC the ninth-biggest asset in the world, surpassing well-known names like Meta (formerly known as Facebook), Tesla, and others.
Crypto X is full of analysts envisioning further gains for the asset. The one using the moniker Checkmate suggested that BTC has entered the so-called “Euphoria zone, convincingly breaking through the previous cycles’ ATH.”
He also noted that the price record coincided with “a relatively cooled down MVRV ratio.” According to CryptoQuant’s data, the Market Value to Realized Value has been hovering around an index of 2.
Readings below that level indicate that the asset is in a neutral or undervalued zone, suggesting more room for price growth. On the other hand, anything above 2 signals a possible pullback in the short term due to potential profit-taking from investors.
ADA in the Spotlight
Cardano (ADA) has charted an even more substantial price increase than BTC in the past week. It currently trades at just south of $0.60, representing a whopping 76% surge for the aforementioned period.
It is worth mentioning that its real bull run started on November 10, shortly after Cardano’s founder Charles Hoskinson published a 40-minute long video on X. He touched upon numerous topics, including the incoming administration of the newly-elected President Trump.
Hoskinson announced plans to dedicate significant time next year to collaborating with US policymakers to help create a more thorough and potentially supportive regulatory framework for the cryptocurrency industry.
“The crypto policy should be written by the American people, by the American crypto industry, and by well-meaning lawmakers who are willing to take the time to listen.”
What About ETH?
The second-largest cryptocurrency in terms of market cap was reluctant to join the bull run shortly after Trump’s victory.
However, in the past several days, it recorded a substantial increase, with its price briefly exceeding $3,200. As of the moment, it trades at around $3,100 (per CoinGecko’s data), which is a 28% spike on a weekly scale but still far away from the all-time high of over $4,800 witnessed in November 2021.
Multiple analysts noted ETH’s revival, predicting a much more impressive rally in the near future. X user Michael van de Poppe expects the valuation to “have some resistance” at around $3,200, envisioning a pump once it surpasses it. He also believes the Ethereum ecosystem will “heavily outperform in the coming period.”
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