Bitcoin, Ethereum, Dogecoin Lose Momentum — Cardano Awakens And Spikes

Major cryptocurrencies took a breather Tuesday night with the major exception of Cardano, as the global cryptocurrency market capitalization shrank 0.94% to $2.90 trillion.

What Happened: The Charles Hoskinson co-created cryptocurrency shot up 5.91% over 24 hours to $2.28. ADA has gained 15.8% over a seven-day trailing period. 

Trading volume in ADA rose 126.47% to $7.375 billion over a 24 hour period.

The apex cryptocurrency, Bitcoin BTC/USD, traded 0.99% lower at $66,998.42 over 24 hours. For the week, it has risen 5.68%.

Ethereum ETH/USD fell 1.37% to $4,724.33 over 24 hours. Over the last seven days, it has gained 2.09%.

Among meme coins, Dogecoin DOGE/USD fell 3.48% to $0.27. For the week, it has inched up 0.03%.

Shiba Inu was down 4.2% to $0.00005433. Over the last seven days, it plunged 20.40%. 

The top 24 hour gainers, as per CoinMarketCap data, were Livepeer, Loopring, and Kadena. 

Livepeer soared 45.85% to $68.31 over 24 hours, Loopring spiked 33.79% to $2.71, while Kadena appreciated 30.25% to $20.65 in the period.

See Also: How To Buy Cardano (ADA)

Why It Matters: ADA’s market cap of $75.42 billion is now larger than that of both Tether and Solana, which are valued at $73.82 billion and $71.8 billion respectively.

ADA was the fourth-largest cryptocurrency by market capitalization at press time, as per CoinMarketCap data.

On Tuesday, Input Output, a company associated with Cardano, released a “definitive list” of all Cardano ecosystem projects on the Github repository. 

We created our Essential Cardano GitHub repo to curate a definitive list of all #Cardano ecosystem projects. Log a Pull request & help us build this ever-growing resource https://t.co/Rb7KWkimft

— Input Output (@InputOutputHK) November 9, 2021

Bitcoin, which charted a new all-time high of $68,530.34 on Tuesday, should hold the $66,000 level to avoid a “market-wide” correction and if it does $75,000 appears to be next for the apex coin, as per Michaël van de Poppe, a cryptocurrency trader.

#Bitcoin should hold this level around $66K to avoid a market-wide deeper correction.

If it holds, $75K seems next. pic.twitter.com/ryS2v3dxcs

— Michaël van de Poppe (@CryptoMichNL) November 9, 2021

The lack of supply has been a major driver of BTC’s recent surge but if a price takes a downturn it could touch $56,000, said Jonas Luethy, a sales trader at the United Kingdom-based digital asset broker GlobalBlock.

Luethy noted that ETH too touched an all-time high of $4,842 and is nearing an important psychological level of $5,000 where it is likely to see “strong resistance.”

“The reason attributed to this strong price action is also a lack of supply, as Ethereum is being burned at a faster rate than it is produced,” wrote Luethy in an emailed note.