Altcoin season? Cardano gains more than 23% 📈

6:56 pm 8 December 2023

In the cryptocurrency market, we are observing another wave of increases. This time, capital has clearly started to flow from Bitcoin to smaller projects. The first signals could be noticed in yesterday's session, when Ethereum gained over 6%, breaking above 2300 dollars. Today, the increases on Ethereum continue, with the second-largest cryptocurrency gaining to 2360 dollars. There is also a noticeable flow of capital to altcoins in the market. Smaller projects with their capitalization are approaching the key level (Total3) of 450 billion dollars, thus recording a 50% increase this year. Considering the recent dynamic increases in Bitcoin, the current market situation may favor smaller projects in the coming weeks.

Today, investors' attention is mainly drawn to Cardano, which gains over 23%, despite relatively mixed On-Chain data for this project.

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

On-Chain data for Cardano indicates that the purchases of the cryptocurrency are mainly driven by the accumulation of small investors, while larger investors have been systematically reducing their exposure since September this year. Source: Santiment

Today, Cardano gains over 23% and is one of the best-performing altcoins from the top 50 list. The cryptocurrency has broken above the convergence of 50-, 100-, and 200-week exponential moving averages for the first time since 2021.

Source: xStation

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back
Xtb logo

Join over 935 000 XTB Group Clients from around the world.