This ‘Ethereum Killer’ Trumped Bitcoin Gains Over Election Rally To Emerge As Best Peforming Large-Cap Crypto Over The Week
By Benzinga
Cardano (CRYPTO: ADA) raced past Bitcoin (CRYPTO: BTC) to become the week’s best performer after a searing double-digit rally on Thursday.
What happened: ADA spiked over 10% in the last 24 hours to reach its highest level since July 23. The rally catapulted the coin to the second spot in the top 24-hour gainers list, far outpacing market heavyweights like Bitcoin and Ethereum (CRYPTO: ETH).
With the latest upswing, ADA’s weekly gains jumped to nearly 22%, making it the best-performing top 10 cryptocurrencies during the last seven days. The coin overwhelmingly surpassed Bitcoin’s returns over the week spurred by Donald Trump’s victory in the presidential election.
The coin, often dubbed an “Ethereum Killer,” witnessed significant interest from whale investors, evidenced by a 31% surge in transactions exceeding $100,000 in value, according to IntoTheBlock.
Daily active addresses also rose 21% in the last 24 hours, lending credence to the high network activity.
However, the surge in usage appeared to be driven by profit-taking, as the total balance held by long-term holders of ADA fell by 0.28%.
The latest uptick contrasted with ADA’s lackluster year-to-date performance. This year, the coin has lost over 30% of its value, while Bitcoin and Ethereum have gained 71% and 29%, respectively.
Price Action: At the time of writing, ADA was exchanging hands at $0.4134, up 11.65% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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