SOL, ADA Lead Crypto Majors' Gains as Bitcoin Traders Move Past $1B Liquidation Event

Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem.

AccessTimeIconAug 24, 2023 at 8:44 a.m. UTC
Updated Aug 24, 2023 at 5:26 p.m. UTC
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Solana (SOL) and cardano (ADA) led gains among major crypto tokens in the past 24 hours as the bitcoin (BTC) price gradually recovered from last week's liquidation event.

Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem. The CoinDesk Markets Index, a weighed collection of the largest tokens, rose 1.6%.

Among alternative currencies, maker (MKR) rose 6% as its boosted savings product found favor among investors, while AI-focused render (RNDR) jumped 9% after Nvidia (NVDA) topped second-quarter earnings estimates, proving the bullish AI trend is here to stay.

Last week, some $1 billion worth of crypto futures were liquidated after a sudden sell-off that hit trading volumes and the broader market recovery. Mentions of “buy the dip” echoed, and then fizzled out, among traders as the large move likely impacted traders and funds.

Now it seems large holders are returning to the market, aiding a recovery.

“Bitcoin jumped back as high as $26,800 Wednesday as key whale & shark addresses are now collectively adding to their stacks once again,” on-chain analytics firm Santiment said in a tweet. “There are currently 156,660 wallets holding 10 to 10,000 $BTC, and they have accumulated $308.6M since August 17th.”

Gains in bitcoin came as European stocks and U.S. equity futures climbed in a broad-based rally fueled by surging tech shares, as per MarketWatch.

Edited by Sheldon Reback.


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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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