Cardano (ADA) is up 15% in the last 24 hours to become the top 100 cryptocurrency by market capitalization. Meanwhile, Bitcoin price could potentially reach new highs after reaching $77K.
Elsewhere, several altcoins appear poised to take advantage of the growth momentum. These include Flare (FLR), Injective (INJ) and Internet Computer (ICP), which are among the top gainers today.
Here is an overview of the crypto market on November 8th.
The global cryptocurrency market capitalization is $2.55 trillion, 24-hour volume is $134.6 billion, and Bitcoin dominance is 59.5%.
Meanwhile, the Fear & Greed Global Crypto Index fell to 72, indicating the market remains bullish.
Donald Trump’s stunning victory in the 2024 US election remains the top story in the crypto space, with the market bullish as Bitcoin surges to a new all-time high above $77K.
The Federal Reserve’s interest rate cut by 25 bps. November 7 supported buyers as several altcoins were ready for the alt season.
However, the total volume of liquidations in the last 24 hours was $262 million. Coinglass data shows that 91,632 traders were liquidated during this time.
Cardano (ADA)
The price of Cardano (ADA) jumped from a low of $0.32 on November 5 to a high of $0.45 on Friday, November 8, 2024.
The token’s pumping following Trump’s election has seen it rise 27% over the past week, and in the 24 hours at the time of writing it is trading 15% higher.
Analysts say Cardano could go parabolic.
However, the ADA price is facing resistance at the July highs and is well off the year-to-date high of $0.78 reached in March.
Flash (FLR)
Flare (FLR), the company’s native token, has announced a major collaboration with Red Date.
According to Flare, the partnership with Red Date will allow users to access the world’s first decentralized KYC solution.
The pilot program aims to enable anonymous use of regulated stablecoins to purchase tokenized assets for mainland Chinese users in Hong Kong.
Injection (INDJ)
INJ is another altcoin that posted notable gains on Friday. Over the past week, Injective’s price has risen from a low of $16 to $23.
While broader market growth potential is a key factor, part of the bullish momentum comes from Injective’s announcement of a partnership with the Alliance for Artificial Super Intelligence (ASI).
ASI has announced the deployment of its Inter-Blockchain Communications (IBC) channels on Injective, a critical step towards further interoperability and innovation.
This should support a new era of AI-powered online finance, which is likely to boost INJ’s growth.
Other top gainers on Friday
Besides ADA, FLR and INJ, the top 100 most profitable altcoins by market capitalization include Cronos and Polygon.
Cronos (CRO) was among the coins that rose early in the day, up 20% to trade at $0.1087.
Meanwhile, POL (ex-MATIC) hovered around $0.38 with +11%. Arweave (AR) shares were also higher, trading at $18.05, up 8%, and Internet Computer (ICP), which was up over 6% and changed hands at $8.21.
Solan-based Drift (DRIFT) also rose to hit a new all-time high.
