Crypto wrap: ENA, PYTH gain up to 20% on Bitcoin’s rebound; ADA enters profit zone

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.

Ru

@bitcoinrow

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The same people that sold their #bitcoin to buy below 15k would have already sold their #bitcoin if they held it instead at 70k Moral? So many are in a hurry to lose their coin But not us though We’re waiting for 100k 😉 Happy Thanksgiving! 🦃

6:35 PM · Nov 28, 2024

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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.

Source: Coinmarketcap

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.

Source: Coinmarketcap

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.

Source: Santiment

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.

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