Cardano (ADA) is up 15% in the past 24 hours to lead top gainers among the 100 largest crypto coins by market cap. Meanwhile, as Bitcoin price eyes the potential to flip to new highs after hitting $77k.
Elsewhere, several altcoins look poised to tap the upside momentum. These include Flare (FLR), Injective (INJ), and Internet Computer (ICP), which are among the top gainers today.
Here is the overview of the crypto market on Nov. 8.
The global crypto market cap is at $2.55 trillion, with a 24-hour volume of $134.6 billion and Bitcoin’s dominance of 59.5%.
Meanwhile, the global crypto Fear & Greed index has dropped to 72, indicating that the market remains optimistic.
Donald Trump’s stunning victory in the 2024 US election remains a top topic in the crypto space, with the market bullish amid Bitcoin’s surge to a new all-time high above $77k.
The Federal Reserve’s 25 bps interest rate cut on Nov. 7 buoyed buyers, with several altcoins primed for altseason.
However, total liquidations stand at $262 million over the past 24 hours. Coinglass data shows that 91,632 traders were liquidated during this time.
Cardano (ADA)
Cardano (ADA) has price jumped from a low of $0.32 on Nov. 5 to a high of $0.45 on Friday, November 8, 2024.
The token’s pump since Trump’s election has seen it gain by 27% in the past week and it traded 15% higher in 24 hours at the time of writing.
Analysts say Cardano could go parabolic.
However, ADA price is facing resistance at July highs and is well off year-to-date highs of $0.78 reached in March.
Flare (FLR)
Flare (FLR), the native token of the data-focused layer 1 blockchain Flare, also surged on the day as altcoins mirrored the flagship cryptocurrency.
FLR reached a high of $0.014.
The spike in Flare’s price, which was up 6% at the time of writing, came as the blockchain platform announced a major collaboration with Red Date.
According to Flare, the partnership with Red Date will see users access the world’s first decentralized identity solution for know your customer (KYC).
The pilot program targets enabling anonymous use of regulated stablecoins for tokenized asset purchases for Mainland China users in Hong Kong.
Injective (INJ)
INJ is another altcoin to record notable gains on Friday. Over the past week, the Injective’s price has spiked from a low of $16 to $23.
While the broader market upside is a key factor, part of the bullish momentum follows Injective’s announcement related to a partnership with the Artificial Superintelligence Alliance (ASI).
ASI announced the deployment of its Inter-Blockchain Communication (IBC) channels on Injective, a step crucial in the move towards further interoperability and innovation.
This should support a new era of artificial intelligence-powered on-chain finance, likely boosting INJ.
Other top gainers on Friday
Apart from ADA, FLR, and INJ, other top-gaining altcoins in the top 100 by market cap include Cronos and Polygon.
Cronos (CRO) is among the coins to rally earlier in the day and is up 20% to trade at $0.1087.
Meanwhile, POL (ex-MATIC) hovered near $0.38 with +11%. Arweave (AR) also rose, trading at $18.05 with +8%, and Internet Computer (ICP), which rose more than 6% to change hands at $8.21.
Solana-based Drift (DRIFT) also rallied to hit a new all-time high.
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