The digital asset landscape witnessed a bullish trend today, with the global crypto market capitalization rising by 1.78% to $3.32 trillion.
The surge came as Bitcoin hit a daily high of $97,357 this morning.
BTC reached $95,650 at press time, as enthusiasts awaited the highly sought-after $100,000 milestone.
Alts outperformed due to improved sentiment, indicating an impending altcoin season.
Meanwhile, the rapid ecosystem growth of Athena and Pyth Network catalyzed double-digit growth, putting the pair on investors’ radar today.
Furthermore, Cardano’s latest uptrend saw approximately 88.4% of the circulating supply of ADA enter the profit zone.
ENA up 21%
Athena price climbed the charts as the broader market saw a bullish return.
The token rose from a daily low of $0.6265 to a peak of $0.7594. This led to a 21% increase on the daily chart.
ENA trades at $0.70 after retreating from daily highs – up 6% on the 24-hour time frame.
While broader market sentiments catalyzed ENA’s gains, Arthur Hayes’s big bet on the future of tokens Added to the speed of the boom.
Bitmex Co-Founder Has Accumulated ETH Over The Last Few Days While Dumping Ether.
This reflects the billionaire’s confidence in Athena’s performance.
Retesting $0.75 as a support level would yield more gains, possibly surpassing the $1 mark.
PYTH gains 18% on ETP optimism
Pyth Network joined the bullish party, with its price jumping 18% from a 24-hour low of $0.4078 to $0.4805.
The altcoin is showing significant bullishness, rising to $0.4663 – 7% from its opening price.
PYTH surged last day after 21Shares launched Pyth exchange-traded product,
The uptrend saw PYTH approaching a channel breakout, which could propel the price to a high of $0.8.
Technical indicators and on-chain data support the bullish performance of Pyth.
Furthermore, the recognition of 21Share represents an important milestone for institutional recognition of the asset.
ADA holders enjoy benefits
Cardano has turned a significant portion of its circulating supply into profits after last week’s 27% surge.
Sentiment data shows that 88.4% of Cardano’s circulating supply, 32 billion tokens (worth $31B at current prices), is in profit territory.
This represents a remarkable resurgence, as only 40% of assets in circulation were in profit at the beginning of November.
Nevertheless, such trends often attract profit-taking, leading to a decline in prices.
Thus, ADA may fall from its current prices in the upcoming sessions.
At the time of writing ADA is trading at $0.9827, with a 1.50% 24-hour decline supporting potential profit taking after the recent price surge.
The MVRV ratio at 76% shows that Cardano has entered overbought territory, indicating an impending decline.
However, the crypto market boasts strong optimism as participants keep an eye on Bitcoin at $100K and the upcoming altcoin season.
This suggests that any decline may be short-lived.
Post Crypto Wrap: ENA, PYTH rise up to 20% on Bitcoin’s rally; ADA enters profit zone first appeared on Invez
