Cardano’s ADA and Ether Surge Over 14% as Bitcoin Crosses $93,500
Cardano’s ADA and ether (ETH) rose over 14% in 24 hours, while bitcoin (BTC) surpassed $93,500. Other major cryptocurrencies like Solana’s SOL, XRP, and BNB Chain’s BNB increased by 8%, with memecoins dogecoin (DOGE) and shiba inu (SHIB) climbing more than 11%. Sui Network’s SUI surged 30% among midcaps.
Key points:
- Overall market capitalization increased by 4.4% to $3.03 trillion.
- CoinDesk 20 (CD20) index advanced by 5%.
- Gains followed President Trump's announcement of reduced tariffs on China and support for Federal Reserve Chair Jerome Powell.
- Concerns remain about the administration's consistency impacting gold prices and U.S. Treasury yields.
- Analysts noted Bitcoin's narrative as a 'store of value' is strengthening, potentially leading it to decouple from U.S. equities.
- Gold's rally appears to be driven by Asian market activity, suggesting central bank flows moving away from USD.
Market watchers indicate a potential shift towards evaluating BTC as a long-term store of value amidst these trends.