Solana, XRP, Dogecoin, and Cardano Lead Top Crypto Assets as Market Stages Comeback
Last Updated on 6 November 2023 by CryptoTips.eu
After many days of being down, the crypto market has started recovering from the downward trend. Bitcoin started yesterday by inching upward from $29,000, and now, more top crypto assets have started turning green as well.
No apparent reason is there for the bounce seen across the board, but clearly, investors’ sentiment around the market has suddenly changed, and the hopes of many have been revived, hence the sudden rally.
The crypto market has been down since July, with the top crypto assets bleeding more than most, probably because Bitcoin was also affected. Most of them have shown signs of recovery, turning green today.
SOL, XRP, DOGE, ADA Lead
The top ten crypto assets have bounced back alongside many other smaller crypto assets, but Solana, XRP, Dogecoin, and Cardano have distinguished themselves.
SOL has quickly gained 5.46% in the last 24 hours as at the time of writing this report, making it the leading asset among the top ten assets. Coin Market Cap data also shows that it has gained exactly 3% in the last seven days.
Similarly, embattled XRP has demonstrated great strength. The token has gained 3.57% already, even though it is still red in the seven-day performance. Analysts earlier said it had to stay above $0.56 to remain in the safe zone, but the asset is currently trading at $0.64, showing it is high up in the safe place and could soar higher.
One reason why XRP could be bouncing is because of ongoing exchange listings. Also, South Korean prosecutors recently used the last ruling that made it victorious to prove that Terra-Luna is a security, further bringing the asset to the notice of investors.
Dogecoin and Cardano have gained 2.29% and 2.17% respectively, making them the third and fourth among the leading assets currently. Dogecoin has had some good days since the recent speculation that Musk may use it as the native token on Twitter, now X, for all commerce transactions.
For Cardano, the pump is a sign of resilience because whales recently made a massive $29 million withdrawal, making analysts think that the asset could be in trouble.
Will the bounce be sustained
The general market bounce is a much needed relief for investors after several days of bearish trends. However, sustaining the rally will require for the sentiment to be sustained, otherwise, it could be just another short-lived relief rally.
