Altcoin season? Cardano gains more than 23% 📈

4:56 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.

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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

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