This “Ethereum killer” trumped Bitcoin gains during the election rally to become the best-performing large-cap cryptocurrency over the week

Cardano ADA/USD raced past Bitcoin BTC/USD to become the player of the week after a strong double-digit rally on Thursday.

What happened: ADA rose over 10% in the last 24 hours, reaching its highest level since July 23rd. The rally catapulted the coin to second place in the list of top 24-hour gainers, far outperforming market heavyweights such as Bitcoin and Bitcoin Ethereum ETH/USD.

With the recent rally, ADA’s weekly gains increased to nearly 22%, making it the top 10 best performing cryptocurrencies in the last seven days. The coin far outperformed Bitcoin’s returns over the week Donald Trump’s Victory in the presidential election.

See also: Ethereum whales are emerging from their slumber to cash in $90 million amid the rally, but indicators suggest sentiment may be changing

The coin, often referred to as the “Ethereum killer,” attracted significant interest from whale investors, as evidenced by a 31 percent increase in transactions valued at over $100,000, according to IntoTheBlock.

Daily active addresses have also increased by 21% in the last 24 hours, underpinning the high network activity.

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

The recent increase contrasted with ADA’s weak 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 promotion: At the time of writing, ADA is trading at $0.4134, up 11.65% in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

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