Cardano (ADA) and Dogecoin (DOGE) have gained fast as the crypto market surges. The last 24 hours continue to be an interesting one for the crypto market as prices have surged across the board following a bullish run-up. Top coins like Bitcoin and Ethereum have seen massive price gains so far. The entire crypto market cap has seen over $1 billion added to it in just 24 hours.
As the run-up continues, altcoins like ADA and DOGE continue to show tremendous market movements. The price of both digital currencies has jumped over 10% each and continues to cruise higher as investors come back into the market. Bull traders have now taken over the market as bears record increasing losses.
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Shorts liquidations across the markets have crossed $1 billion, with liquidations in Dogecoin being the fourth-highest so far in the market. Altcoins continue to see recovering trends as most of the market turns towards green in this surprising turn of events this week.
Dogecoin, Cardano Continue Upward Trend
Dogecoin so far continues to lead the charge, posting a 13% price gain in the last 24 hours. DOGE which had continued to see downwards trends as the hype around the coin and ‘Dogefather’ Elon Musk died down has now broken out of the rut it seemed to have been stuck in for the better part of last week.
DOGE price moved from trading at $0.195 to breaking above $0.20, to be sitting at the current price of $0.2244 where it now trades currently.
Crypto market gains over $1 trillion in 24 hours | Source: Crypto Total Market Cap on TradingView.com
Cardano (ADA) has continued in this vein to post gains of over 11% as the current rally rages on. The digital asset which had been trading for $1.20 had a tremendous run-up the saw the price hit $1.32 in a matter of hours.
Both digital currencies continue to show double-digit price gains in the market. Dogecoin market cap now sits at $29 billion as Cardano market caps experience gains to put it at $43 billion.
Bullish News Moving The Crypto Market Cap
The past week has seen more support coming out for bitcoin and other cryptocurrencies. News like billionaire Elon Musk confirming that Tesla and SpaceX hold bitcoin on its balance sheet has proven to be very bullish. The market had shown positive sentiment as the price of bitcoin had gone up after the announcement. Breaking $32,000 and maintaining a momentum that saw the price going past $34,000.
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In the same conference, Musk had confirmed that he personally held Bitcoin, Ethereum, and Dogecoin. Proving that the billionaire had never sold his holdings in the meme coin. Musk had also confirmed that while he may pump coins, he has never dumped his coins.
Hot on the heels of this came the news that Amazon was working towards integrating bitcoin into its platform. With cryptocurrencies being speculated to be a payment method for the e-commerce giant, sentiments had grown in favor of the crypto market and as such, investors seem to have returned to the crypto space with a renewed vigor.
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On Sunday, after rumors circulated that an insider from the e-commerce giant confirmed the integration of cryptocurrencies, prices surged as the weekend came to a close.
So far, the crypto market has seen continuing support as cryptocurrencies continue to maintain their gained value, and charts across the market remain in the green. Dogecoin and Cardano continue to top the list of gainers in the market.
Featured image from Nairametrics, chart from TradingView.com