This 'Ethereum Killer' Trumped Bitcoin Gains Over Election Rally To Emerge As Best Peforming Large-Cap Crypto Over The Week

Cardano (CRYPTO: ADA) raced past Bitcoin (CRYPTO: BTC) to become the week’s best performer after a searing double-digit rally on Thursday.

What happened: ADA spiked over 10% in the last 24 hours to reach its highest level since July 23. The rally catapulted the coin to the second spot in the top 24-hour gainers list, far outpacing market heavyweights like Bitcoin and Ethereum (CRYPTO: ETH).

With the latest upswing, ADA's weekly gains jumped to nearly 22%, making it the best-performing top 10 cryptocurrencies during the last seven days. The coin overwhelmingly surpassed Bitcoin’s returns over the week spurred by Donald Trump’s victory in the presidential election.

See Also: Ethereum Whales Wake Up From Slumber To Cash Out $90M Amid Rally, But Indicators Show Sentiment Can Flip

The coin, often dubbed an “Ethereum Killer,” witnessed significant interest from whale investors, evidenced by a 31% surge in transactions exceeding $100,000 in value, according to IntoTheBlock. 

Daily active addresses also rose 21% in the last 24 hours, lending credence to the high network activity.

However, the surge in usage appeared to be driven by profit-taking, as the total balance held by long-term holders of ADA fell by 0.28%. 

The latest uptick contrasted with ADA's lackluster year-to-date performance. This year, the coin has lost over 30% of its value, while Bitcoin and Ethereum have gained 71% and 29%, respectively.

Price Action: At the time of writing, ADA was exchanging hands at $0.4134, up 11.65% in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

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