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    Home » Market Updates » Following $1000 Weekend Move, Bitcoin Back Above $18K: Cardano Soars 16% (Crypto Market Watch)

    Following $1000 Weekend Move, Bitcoin Back Above $18K: Cardano Soars 16% (Crypto Market Watch)

    Author: Jordan Lyanchev

    Last Updated Nov 29, 2020 @ 08:58

    Bitcoin added $1,000 in a day to reach $18,000, ETH reclaims $550. ADA’s impressive 35% weekly gains have driven Cardano to the top-7 by market cap

    After dabbling around $16K – $17K for a few days, Bitcoin has soared back above $18K. Most alternative coins have also increased in value, adding $30 billion to the total market cap in a day.

    Bitcoin Jumps to $18K

    Following the vigorous price dips from earlier this week that resulted in BTC losing more than $3,000 in hours, the asset consolidated around $17,000 for a few days.

    Bitcoin charted a few more drops beneath that level. However, the situation changed over the weekend. The primary cryptocurrency went on a tear, broke above $17,000, and hasn’t looked back since then. A few minutes ago, it even jumped above $18K.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Interestingly, the substantial 16% price drop earlier this week didn’t affect the Bitcoin social media sentiment. According to the cryptocurrency analytics company Santiment, the positive commentaries have remained optimistic despite the price developments.

    “This is only the 4th time since 2017 that BTC sentiment has stayed this positive,” the company added.

    Bitcoin Twitter Sentiment. Source: Santiment
    Bitcoin Twitter Sentiment. Source: Santiment

    Altcoins Rejoice, Cardano In The Top 7

    The alternative coins performed even worse than BTC during the Thanksgiving price slumps. Ethereum nosedived from its yearly high of $620 to $485. Ripple went as high as $0.80 before tanking to $0.46.

    However, both these assets, and most other altcoins, saw a nice recovery over the weekend. On a 24-hour scale, ETH has gained another 6% and trades around $550. XRP is back to double-digit increases (13%) and sits above $0.60.

    Bitcoin Cash (4.5%), Litecoin (7%), Polkadot (4%), and Chainlink (4%) are also in the green from the top ten. However, Cardano has trumped them all with a 15% surge. As a result, ADA has taken the 7th spot in terms of market capitalization, according to CoinGecko.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

     

    As could be expected, lower- and mid-cap saw even sharper increases. Horizen leads with a 25% price surge. Zilliqa (23%), Dash (18%), Nexo (18%), Numeraire (15%), IOTA (13%), Orchid (11%), Qtum (11%), and Ocean Protocol (10%) follow.

    Overall, the total crypto market cap has increased to $535 billion. This is a $30 billion increase since yesterday and $50 billion since the Thanksgiving drops.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    Read more on: Bitcoin (BTC) Price Cardano (ADA) Price Ethereum (ETH) Price

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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    BTC$32,360.00
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