Home Crypto Market Movers Cryptocurrency Market Surges: Cardano and Dogecoin Lead Gains as Bitcoin Nears $38K

Cryptocurrency Market Surges: Cardano and Dogecoin Lead Gains as Bitcoin Nears $38K

Cryptocurrency market

In a resounding resurgence, the cryptocurrency market has witnessed a remarkable upswing, with Cardano (ADA) and Dogecoin (DOGE) leading the charge, propelling Bitcoin toward the $38,000 mark. Recent developments have seen the CoinDesk Market Index soar by nearly 4.6% in just 24 hours, reaching a substantial total capitalization of $1.44 trillion—a level last observed back in May 2022. This meteoric rise has brought Bitcoin and several altcoins back to the heights they touched merely a week ago, effectively reversing the majority of losses incurred during a $300 million liquidation event earlier in the week.

Cardano’s ADA and Dogecoin (DOGE) have notably spearheaded the gains among the top 10 tokens by market capitalization, exhibiting a staggering surge of up to 12%, sans any immediate catalysts. The futures liquidations tracking these major cryptocurrencies have shown a decline below typical levels, indicating that the surge in prices primarily stemmed from spot buying activities. The CoinDesk Market Index, a weighted measure of the digital asset market based on market capitalization, has surged by an impressive 3.8%.

Solana’s SOL has exhibited an upward climb, reaching as high as $67, extending its week-long ascent amidst positive sentiments surrounding the blockchain. Worries about an impending FTX sale of the token, which could potentially flood the market with more SOL, have seemingly dissipated.

Meanwhile, Avalanche’s AVAX experienced a remarkable surge of 24% following an announcement from developer Ava Labs. The statement revealed their collaboration with banking giant JPMorgan on an upcoming portfolio management product set to be offered in Singapore.

Market observers have drawn attention to the striking parallel between the gains in the cryptocurrency market and the movements observed in traditional assets, such as stocks. Despite this correlation, recent price fluctuations hint at early indications of decoupling between the two.

FxPro markets analyst Alex Kuptsikevich highlighted this divergence, stating, “Once again, the dynamics of crypto and equity markets have diverged. However, it should be noted that this seemingly negative correlation only works in the short term, as both asset classes have been rising steadily since October.”

The latest surge in the cryptocurrency market has undoubtedly captured the attention of investors and enthusiasts alike. This remarkable turnaround echoes sentiments reminiscent of the market’s resilience and potential, showcasing a landscape where digital assets continue to carve their path amidst evolving market dynamics and newfound industry developments.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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