The last 24 hours continue to be interesting for the cryptocurrency market as prices rose across the board after an accelerated rally. Major currencies like Bitcoin and Ethereum have seen massive price gains so far. The entire cryptocurrency market capitalization has seen over $1 billion added to it in just 24 hours.
As the race continues, altcoins like ADA and DOGE continue to show tremendous market movements. The price of both digital currencies has risen more than 10% each and continues to rise as investors return to the market. Bullish traders have now taken control of the market as prices register increasing losses.
Shorts sales in the markets exceeded $1 billion, with sales in Dogecoin being the fourth largest so far in the market. Altcoins continues to see rebound trends as most of the market turns to the green in this surprising turnaround in this week’s events.
Dogecoin, Cardano continue growing trend
So far, Dogecoin continues to lead the charge, posting a 13% price gain in the last 24 hours. The DOGE, which continued to see downward trends as the hype around the coin and ‘Dogefather’ Elon Musk died out, has now come out of the rut it seemed to have been stuck in for most of the past week.
The price of DOGE went from $0.195 to a break above $0.20, staying at the current price of $0.2244 where it is now trading.
Cardano (ADA) continued on that line, posting gains of over 11% with the current rally. The digital asset that was trading for $1.20 had a tremendous increase and the price reached $1.32 in a matter of hours.
Both digital currencies continue to post double-digit price gains in the market. Dogecoin’s market capitalization now stands at $29 billion, as Cardano’s market caps post gains to put it at $43 billion.
Upbeat news changing crypto market value
Last week saw more support coming out for bitcoin and other cryptocurrencies. News like the billionaire Elon Musk confirming that Tesla and SpaceX keep bitcoin on their balance sheet were quite optimistic. The market showed positive sentiment as the price of bitcoin rose after the announcement. Breaking $32,000 and maintaining momentum that saw the price pass $34,000.
At the same conference, Musk confirmed that he personally owned Bitcoin, Ethereum and Dogecoin. Proving that the billionaire had never sold his holdings in the meme currency. Musk also confirmed that although he can pump coins, he never dumped his coins.
Shortly thereafter came the news that Amazon was working to integrate bitcoin into its platform. With cryptocurrencies being speculated as a payment method for the e-commerce giant, sentiment has grown in favor of the cryptocurrency market and as such investors seem to have returned to the cryptocurrency space with renewed vigor.
On Sunday, after rumors circulated that an insider at the e-commerce giant confirmed the integration of cryptocurrencies, prices soared as the weekend drew to a close.
So far, the cryptocurrency market has seen continued support as cryptocurrencies continue to maintain their earned value and the market charts remain green. Dogecoin and Cardano remain at the top of the list of market winners.
Source: News BTC