The digital assets landscape saw bullish actions today, with the global crypto market cap surging 1.78% to $3.32 trillion.
The upside came as Bitcoin rebounded to a daily high of $97,357 early today.
BTC changes hands at $95,650 at press time as enthusiasts await the highly sought-after $100,000 milestone.
The improved sentiments saw alts outperforming, signaling an impending altcoin season.
Meanwhile, Ethena and Pyth Network’s bullish ecosystem developments catalyzed double-digit surges, placing the duo on investor radar today.
Moreover, Cardano’s latest uptrend saw around 88.4% of ADA’s circulating supply entering the profit region.
ENA soars 21%
Ethena’s price climbed the charts as the broad market witnessed a bullish comeback.
The token surged from the daily low of $0.6265 to a $0.7594 peak. That accounted for a 21% uptick on the daily chart.
ENA trades at $0.70 after retracing from the daily high – up 6% on the 24-hour timeframe.
While broad market sentiments catalyzed ENA’s gains, Arthur Hayes’ massive bet on the token’s future added to the bullish momentum.
The BitMex co-founder has accumulated ENA over the past few days while dumping Aethir.
That demonstrates the billionaire’s trust in Ethena’s performance.
Reclaiming $0.75 as a support level would catalyze more gains, possibly surpassing the $1 mark.
PYTH gains 18% on ETP optimism
Pyth Network joined the upside party, with its price jumping 18% from the 24-hour low of $0.4078 to $0.4805.
The altcoin exhibits significant bullishness, hovering at $0.4663 – 7% high from its opening price.
PYTH rallied over the past day after 21Shares launched a Pyth exchange-traded product.
The upside stance saw PYTH approaching a channel breakout, which could propel prices to the $0.8 high.
Technical indicators and on-chain data support Pyth’s bullish performance.
Further, 21Share’s recognition represents a crucial milestone for the asset’s institutional recognition.
ADA holders enjoy profits
Cardano has put a significant portion of its circulating supply in profits following last week’s 27% increase.
Santiment data shows 88.4% of Cardano’s circulating supply, 32 billion tokens (worth $31B at current price), is in the profit region.
That reflects a notable resurgence, as only 40% of the assets in circulation were in profit early in November.
Nevertheless, such trends often attract profit-booking, which leads to bearish price actions.
Thus, ADA could plunge from its current prices in the upcoming sessions.
ADA trades at $0.9827 during this writing, with the 1.50% 24-hour decline supporting potential profit-taking after recent price surges.
The MVRV ratio at 76% shows Cardano hit the overbought region, suggesting impending declines.
However, the crypto market boasts robust optimism as participants watch for Bitcoin at $100K and the upcoming altcoin season.
That suggests that any dips could be short-lived.
The post Crypto wrap: ENA, PYTH gain up to 20% on Bitcoin’s rebound; ADA enters profit zone appeared first on Invezz
