A Bullish Week Pushes Crypto Market to New Heights
The global cryptocurrency market has been on a tear this week, exceeding the $3.1 trillion mark for the first time in history. This surge in market capitalization signifies a continuation of the strong bullish momentum that has been dominating the crypto space in recent months.
Cardano and Stellar Shine Bright
While Bitcoin continues its ascent towards the coveted $100,000 mark, altcoins have also been making significant waves. Cardano (ADA) emerged as the top gainer among the top 10 cryptocurrencies, surging 11% and surpassing the $0.82 mark. Stellar (XLM) followed closely behind, recording a 10% rise and reclaiming the $0.25 territory.
Cardano’s Rally: Fueled by Rumors of Collaboration?
Rumors suggesting a potential collaboration between the Trump administration and Cardano for developing a blockchain voting system have been credited as a major catalyst for ADA’s impressive performance. With Trump’s inauguration approaching in January 2025, analysts predict that ADA could see further gains.
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Stellar’s Connection to XRP’s Success
XLM’s recent rally can be attributed, in part, to the positive developments surrounding its close relative, Ripple (XRP). XRP’s recent breakout to new 3-year peaks after its relisting on major US exchanges like Coinbase and Robinhood seems to have had a ripple effect (pun intended) on XLM’s price movement. Additionally, Stellar’s strategic partnerships with giants like Mastercard and Stripe have further bolstered its credibility and mainstream adoption.
Bitcoin’s Relentless Charge Towards $100k
Bitcoin continues its dominant run, reaching a new all-time high of $94,831 on Wednesday. Several factors are contributing to this bullish momentum, including major acquisitions by MicroStrategy and Marathon Digital, rising inflows into Bitcoin ETFs, and growing institutional adoption.
Technical Analysis Hints at a Bitcoin Breakout
Technical indicators on the BTCUSDT daily chart are flashing bullish signals, suggesting that an imminent attempt at breaking the $100,000 resistance level is highly likely. Factors such as Bitcoin’s price exceeding its Volume Weighted Average Price and a positive shift in the Volume Delta metric point towards a potential surge in buying pressure.
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Other Crypto News Updates:
- Russia bans crypto mining in occupied Ukrainian territories to combat electricity shortages.
- MicroStrategy’s market capitalization surpasses $100 billion, exceeding rival Intel’s valuation.
- Gary Wang, former CTO of FTX, avoids jail time after cooperating with prosecutors in the fraud case against Sam Bankman-Fried.
- Newly launched memecoin CHILLGUY experiences a meteoric rise, reaching a $500 million market cap due to a viral TikTok trend.
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Conclusion
The cryptocurrency market is experiencing a period of exceptional growth, with Bitcoin and altcoins like Cardano and Stellar leading the charge. As Bitcoin eyes a potential breakout above $100,000, it will be fascinating to see how the broader market reacts and which altcoins will continue to shine in the coming weeks.
