Why Top Cryptocurrencies Cardano, Solana and Polkadot Are Rising Today
In this market, where investors are looking for any sign that hawkish monetary policy moves could be on their way out, investors appear to have seen enough Wednesday to spark a rally in some higher-risk assets. While the major stock indexes' results in morning trading were mixed, cryptocurrency prices surged, with many top tokens touching multiweek highs.
Among the large-cap cryptos, Cardano (CRYPTO: ADA), Solana (CRYPTO: SOL), and Polkadot (CRYPTO: DOT) were some of the biggest gainers. As of 11:15 a.m. ET, they were up 8.7%, 7.9%, and 6.3%, respectively, over the prior 24 hours.
These moves were led by the largest short liquidations that crypto investors have seen since July 2021. A short liquidation is the unwinding of a leveraged short position. Thus, calls for a continued short squeeze in the crypto sector have increased. As more leveraged short positions are liquidated, new investors may be enticed to take a bullish stance on these higher-risk digital assets.
Source Fool.com
